Birmingham Midshires increasing all their rates

Den

mortgagemark wrote: »

Den,

IMO I would say if you already have a formal mortgage offer and just need the loan amount changed - you will be fine - won't affect you.

Yes, got mortgage offer but in the process of negotiation original offer. My broker rushed things to get me rate, ignoring my notes that I needed to do final checks in the property.
Don't want negotiate price down and not be able to keep offer.

My deal is: BM Tracker for life with 0.65% above BE rate, with 90% LTV. Would appreciate more details.

mortgagemark_2

Den wrote: »

Yes, got mortgage offer but in the process of negotiation original offer. My broker rushed things to get me rate, ignoring my notes that I needed to do final checks in the property.
Don't want negotiate price down and not be able to keep offer.

My deal is: BM Tracker for life with 0.65% above BE rate, with 90% LTV. Would appreciate more details.

Still think you will be fine - what has your broker said ????

Den

Broker says that if product will be withdrawn then I will not be able to keep same deal, even if I want to reduce mortgage amount. Info will be available soon. Strange, if BM allocates money for me and I want to reduce why it needs to be recalculated.
What is your experience with BM or other lenders. Thanks.

Gorgeous_George

I don't like BM.

I was with them from the Birmingham and Bridgewater days (1985) until 2004. I voted against demutualistion but had my BS stolen by short-term carpetbaggers. Looks like it (demutalisation) is coming back to bite them.


GG

UK007BullDog

Did BM just got hit partially by £7 million fraud scandal?

Quote:

Birmingham-based newspaper the Sunday Mercury reported on Sunday that pensioner Barbara Moody had her £750,000 Birmingham home refinanced by the fraudster without her knowledge. BM Solutions is reported to be one of the lenders caught up in the scam.
A spokeswoman for BM Solutions says that although the Barbara Moody case was not connected with the lender, it could not rule out that it had been part of a larger scale scam.
She says: “Without having detailed information on particular cases we cannot say whether we were involved or not.” The Metropolitan Police are now investigating the fraud. A spokesman for the Met would not confirm whether it was investigating an alleged mortgage scam.

http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=160838

dan1979

Speaking of fraud I had a look at GMAC's list of 'unacceptable introducers' that got emailed today.

Always amusing to find familiar names on there, one of them was a satellite packager I used to deal with, used to send some right rubbish in. What's that, pay slips show nothing like the income stated in the app form, ok we'll go self cert then :rolleyes:

UK007BullDog

Oh rats, I did not get that email.

But are they allowed to do that? Data protection and all..... :rolleyes:

Dan_Collins_2

dan1979 wrote: »

Speaking of fraud I had a look at GMAC's list of 'unacceptable introducers' that got emailed today.

Always amusing to find familiar names on there, one of them was a satellite packager I used to deal with, used to send some right rubbish in. What's that, pay slips show nothing like the income stated in the app form, ok we'll go self cert then :rolleyes:

Can brokers get this list Dan or is it for your eyes only??

Also BM have got stung in the big scam. We had a brokerage go under in our town for doing the same thing on a slightly smaller scale, they are still trading as only 2 lenders have said no business please!!

herbiesjp

I was going to ask the same question - it would help avoid placing business with the rogue elements

dan1979

Well this is the online version of the email that's linked to, I assume it's viewable publicly: