Been With Gmac 3 Months, Help??

mikeyandsheila

Hi guys, we remotgaged with gamc 3 months ago and now we are selling our house, they are requesting over £3500 in erc and much to our amasment we actually owe more on our balance now that what we borrowed and thats even before the erc chage has been figured in! we have tried calling then to get this cleared up but its like talking to a brick wall! can someone explain? we borrowed £85,000 ,on top of that there were charges ie, arrangement fee ect which totalled £85,870 (borrowed) 3 months later we owe £85,893.63! we pay £562.78 per month, interest taken off that is £443.06 so whats left-£ 119.72- should be going to the capital yeh? wrong??? how? and how can they charge over £3500 when we have only been with them for 3 months! please can someone advise us before we go nuts!

luckyfool

mikeyandsheila wrote: »

Hi guys, we remotgaged with gamc 3 months ago and now we are selling our house, they are requesting over £3500 in erc and much to our amasment we actually owe more on our balance now that what we borrowed and thats even before the erc chage has been figured in! we have tried calling then to get this cleared up but its like talking to a brick wall! can someone explain? we borrowed £85,000 ,on top of that there were charges ie, arrangement fee ect which totalled £85,870 (borrowed) 3 months later we owe £85,893.63! we pay £562.78 per month, interest taken off that is £443.06 so whats left-£ 119.72- should be going to the capital yeh? wrong??? how? and how can they charge over £3500 when we have only been with them for 3 months! please can someone advise us before we go nuts!

£3,500 in erc's will have been laid out in black and white within your illustrations and offer documentation. It's charged at any time within the incentive period and you can avoid it if you port the gmac mortgage to a new property assuming you meet their criteria for the new property.

As to the fact that you owe more than you started out with, are you sure there were not any other fees being added on to your mortgage? A High Percentage Loan Fee or HLC, a Telegraphic Transfer Fee, a non-Gmac Buildings Insurance fee etc.

Dig out your offer documentation and read through it carefully.