Mortgage Agency No 5 - Advice please

milton71

We received an offer for a mortgage in 2007 from GMAC-RFC LIMITED; transferred then to Mortgage Agency No 5 Plymouth.

The mortgage rate changed 5 times in one year alone.
We have a variable rate mortgage 5.75 per cent, this rate is for the life of the mortgage!! Is there any way we can get out of this predicament? Is there anyone else that has this rate for the life balance of their mortgage as well? MA no 5 have not been very helpful.

We have written to the Ombudsman.

We have also phoned the Cooperative Bank, Manchester and they have just forwarded the complaint back to Mortgage Agency No 5 - help and advice would be much appreciated if possible please. Thank you.

Yorkie1

If it's a variable rate then it won't be 5.75% for the life of the mortgage - it will vary.

Have you spoken to a mortgage broker to see whether you could remortgage elsewhere?

Thrugelmir

milton71 wrote: »

We have a variable rate mortgage 5.75 per cent, this rate is for the life of the mortgage!!

Variable = apt or liable to vary or change

If it were fixed you would have a complaint.

milton71

Thank you for your response, its much appreciated. Not sure if we would be successful as there is not much equity in the property and we have some arrears. MA No 5 have put admin charges etc on the account but we will definately find out about seeing a mortgage broker to see if it is possible to get a remortgage. Thanks.

Siliquaesid

https://forums.moneysavingexpert.com/discussion/comment/68058966#Comment_68058966

These articles are the result of 5 years of research into the questionable activities of these companies. THere is still a WHOLE load more dirt to uncover, but what I state is PROVABLE and I can provide the documents to do so, in fact I will, to the Police, on Monday 30 March 2015.

Feel free to conduct your own research too, you may well uncover something important.

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