As anyone else heard of this....?

Miss_Sparkly_Star

right last post of the day now..have called GMAc and they say as I'm on a fixed rate i don't have to worry about the LIBOR rate...phew...just thought i would shared that with everyone....:j

Dan_Collins_2

Miss_Sparkly_Star wrote: »

right last post of the day now..have called GMAc and they say as I'm on a fixed rate i don't have to worry about the LIBOR rate...phew...just thought i would shared that with everyone....:j

LOL sorry forgot to answer you on that one! Yeah if you are fixed it makes no odds what the variable rates do. However make sure your ready when you fixed rate ends as they have very high rates at present. Good night!

Rick62

Sparky & Dan,

Why have you both used GMAC? I've never had them come up as the best deal - although I do very little sub-prime.

Miss_Sparkly_Star

:beer: really am going now...good night!!X

Miss_Sparkly_Star

rick62, - i suspect my broker got a shed load of comission as my credit score is excellent, had no idea they were sub prime!!!!!

Dan_Collins_2

Rick62 wrote: »

Sparky & Dan,

Why have you both used GMAC? I've never had them come up as the best deal - although I do very little sub-prime.

GMAC are not just sub prime, 2 or 3 years back they had prime deals to push the high street.

They also have very good criteria. They are good at buy to lets, self cert. They are not pushing for business at the mo and have not been up there for over a year and half now!

They were the first to bring out instant mortgage offers and from a broker point of view service is high!

Also I have not used them for ages, Miss Sparkly brought them up. But you should know that the top deal is not always the best for the client when researching.

Suziestone

So can anyone explain anything about the original question? Why does Gmac charge £40 if I want a better insurance deal-even if it means I will not go uninsured at any time at all and I do all the arranging by phone myself? Why does it cost them £40??? Being penalised for wanting a cheaper insurance deal. (I didnt even change policy:mad: and STILL been charged twice! ) I know i'm going on an on but i'm climbing the wall's with Rage....I

dunstonh

It doesnt cost them £40. They charge £40 and the charge does not need to match the cost.

The theory is that they have to check the policy you set up to see it meets their criteria. There will also be certain insurers that they will not accept (contrary to popular belief, house insurance is not all the same). Therefore they incur costs and pass the costs on to you with a profit on top. Which they are allowed to do.

Most lenders dont charge but GMAC have you by the short and curlies and can get away with it. You dont use gmac by choice. You use them because you cannot get lending with a mainstream lender. If you want a mortgage then these are their terms and you either take it or leave it. Thats basically their approach.

MarkyMarkD

All lenders charge you to opt out of their insurance. It can be argued that there's a greater risk to them if you insure elsewhere; in theory they could have to spend effort checking that the cover you have elsewhere is adequate; it's easier for you to lapse the policy leaving them uncovered.

£40 is higher than some lenders charge but the principal of charging is not unusual.

Miss_Sparkly_Star

Today 1:24 PMdunstonhIt doesnt cost them £40. They charge £40 and the charge does not need to match the cost.

The theory is that they have to check the policy you set up to see it meets their criteria. There will also be certain insurers that they will not accept (contrary to popular belief, house insurance is not all the same). Therefore they incur costs and pass the costs on to you with a profit on top. Which they are allowed to do.

Most lenders dont charge but GMAC have you by the short and curlies and can get away with it. You dont use gmac by choice. You use them because you cannot get lending with a mainstream lender. If you want a mortgage then these are their terms and you either take it or leave it. Thats basically their approach.
Hmmmm this is very interesting

I'm wondering why I was sold this product, rather than using a mainstream lender. :cool: