GMAC transfer of mortgage!

lisa_honnor

We took out a 2 year tracker mortgage with GMAC-RFC in December last year -only to receive a letter at the beginning of April telling us that it had been transferred to Amber Homeloans Ltd. It appears we have no say in this whatsoever in spite of the fact that we signed up with GMAC.
Would be grateful for any advice from anyone with similar experience maybe from a different lender?
Is this allowed?
Do all terms and conditions still stand?
Can we fight this?

thanks for any advice

payless

Buying / Selling of a mortgage book ( sometimes called securisation) is fairly widespread- especially amongst non mainstream lenders.
Sometimes it just the debt they sell, other times they just outsource the admin, although my guess is the whole lot is being moved in this case.

Amber is owned by Skipton BS, and are really big in this field

Is it allowed - yes- and it was most likely mentioned in the original terms anyway

Terms- should still stand

Fight- not sure what that would achieve

EdInvestor

If you were badly treated, would it be easier to complain about the behaviour of Skipton BS ?

or of GMAC-RFC (err, who?)

MarkyMarkD

The problem, Editor, is that the wholesale book buying subsidiaries of (say) Skipton won't necessarily behave like Skipton itself. They'll often charge a higher SVR. They'll often change their rates at different times than their parent.

That said, payless is spot on - it was in the Ts & Cs which the OP signed up to, and there's nothing to complain about now. Many of the non-mainstream lenders just originate the loans, making their money by selling them on. They don't always have the capital to keep all the loans they originate on their own book, and it isn't necessarily what they want to do with them anyway.

Michel_Z.

Is this allowed? Yes, see terms of contract
Do all terms and conditions still stand? Should be, see also see terms of contract
Can we fight this? Yes, but why?

Best thing it to contact this company & gather information about your questions!

Twopints

Editor wrote:

If you were badly treated, would it be easier to complain about the behaviour of Skipton BS ?

or of GMAC-RFC (err, who?)

Er, you're joking ? The GM in GMAC-RFC stands for General Motors, one of the biggest companies in the world. (I think it is "General Motors Acceptance Co - Residential Finance Company"). I had a fixed rate deal with them about 4 years ago, good rate, poor customer service. I think they went into mortgages etc out of their car financing operation. And now they are getting out and have been selling chunks of their mortgage books for the last couple of years.

Skipton BS - who?