Anyone ever had a mortgage with GMAC RFC

loopyloulou_3

I am just about to go fixed at 5.95% for 2 years on int only with GMAC. But had never heard of them til IFA recommended them.

Anyone ever been with them?

herbiesjp

Why were they recommended?

Are you self certing? Do you have adverse credit?

loopyloulou_3

not great credit, although improved dramatically over the past year or so. No late payments on mortgage at all. Not self certing

loopyloulou_3

are they for people with bad credit then?! if so will it cause problems when i try to remortgage in 2 years time?

herbiesjp

Has your broker shown you the research and explained why other lenders were not applied for?

loopyloulou_3

My OH has been self employed for many years, and just has taken a new job, and has a worse credit rating than me and more debt than me (I hace a total of about £10k he has about £50k) and i think may be why our IFA suggested GMAC.

Is 5.95 fixed int only over 2 years a reasonable offer? or are we being stitched up?!

sarkin

It's hard to say but if you have a bad credit rating 5.95% is not to bad. From a broker point of view I like GMAC

UK007BullDog

GMac is for those with a poor credit rating.

I would suggest you pull a free credit record of yourself and your partner to actually see how your credit record looks like.

It could be that you could get better elsewhere ratewise and also the commissions from gmac are quite generous to the broker/IFA.

homer_j_3

they offer binding decisions in principal which can be good for both applicant and broker where there is some unclear credit problems as GMAC cascade underwrite which means that they filter you down from their credit checks onto the product that they can accept you on.

You are only .45% above base which is pretty good on face value but it depends what fees are attached to it.