As anyone else heard of this....?

dunstonh

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

Was it gmac when you started or did gmac buy the mortgage book from your previous provider?

Also, gmac lending criteria (as mentioned by Dan_collins in #17) wasnt always just sub-prime. However, their criteria was "flexible" when others may not have been.

Miss_Sparkly_Star

Hi dunstoh,

It was gmac when i started - 'apparently' (don't want to criticise the broker too much, till i speak to him) they were the best deal, and i was advised to use them rather than other mainstream lenders.

yesterday, after reading dan_collin's post got straight on the phone to gmac as had no idea they sell and buy the mortgages on..they said they don't know if this will happen, no one does till it happens but if it does happen they will send me a letter.

I don't think i would have taken a mortgage with them, if I'd known at the end of my 2 year fixed deal my mortgage could no longer be with them, cos they sold it to another lender, i don't know why, but makes me feel uncomfortable. I signed up with gmac and expect to end my mortgage with them, not have them flogging my mortgage around, left, right and centre!

MarkyMarkD

Almost all lenders' terms allow them to securitise the loans - i.e. sell them on. It's not a big deal and normally the original lender will keep administering them - it's irrelevant to you who they are actually owned by.

Dan_Collins_2

I dont thing Nationwide charge for insurance admin. If you think about the time and cost of a member of staff to check the policy, check the interest is noted write to you if the policy is no good and chase you if the insurance lapses! I dont think it is far off. Lenders have massive over heads and although I think £40 is a little harsh I bet you it is not that far far off the cost. £10 an hour for the staff elec, training etc etc.