MAS no5 intrest rates

had_enough_of_being_raked

Hi guys,
It seems from doing my research that MASno5 have a terrible reputation.
Having put up with the ridiculous rise in interest rates, from 2.99% up to 6.25% over the past 5 years, I have had enough.

From what I can work out, the Libor scandal which artificially raised all the rates of money that was loaned to banks, is now a proven fact. That being the case, why have these interest rates NOT been lowered yet. I spoke with them a couple of times over the past few weeks. they are unable to confirm to me, where the money comes from that services my loan. Do I have a right to that information?
Originally I was a GMAC customer, and my mortgage was sold to MAS no5. I don't have a contract with them, and yet I am being told I am obliged to keep to the terms and conditions that they impose, is this correct?
If the raise in interest rates is directly attributable to a fraudulent act, am I obliged to continue at this rate, for mistakes made by the lender's choices'?
Lastly, what are my avenues of complaint? I cant change my mortgage as I was self cert, always have been, and that product isn't available any more. am I forever trapped till I'm forced to sell my home?

In order to make sure repayments are made, I've had to move out of my home and rent it out, not only that, but due to the extreme pressure of moving home, with a young family etc, it was a big contributing factor in the break down of my marriage! How do I get my voice heard amongst the thousands of people experiencing the same problems, and how are they allowed to get away with it?

_Andy_

"I cant change my mortgage as I was self cert, always have been"

Surely you must have a way of proving your income?

Thrugelmir

had_enough_of_being_raked wrote: »

If the raise in interest rates is directly attributable to a fraudulent act, am I obliged to continue at this rate, for mistakes made by the lender's choices'?

LIBOR has fallen since 2008. So not the reason for your financial problems I'm afraid to day.

Consider selling the property and wiping your slate clean of debt. Then going forward with a fresh start in life. A lot less stressful.

ACG

Isnt libor set by the bigger banks? I dont think GMAC or MAS class as one of the companies who set libor.