gmac & oakwood home loans

flipmode_2

GMAC moved/sold my mortgage to Oakwood

hi guys,

need some advise. My fixed rate has come to and end and oakwood have put me on their SVR. I called Oakwood and they said I can only remortgage in order come of their SVR. the problem now is my Credit rating is rubbish its on the mend but is rubbish. I am stuck and not sure what to do with interest rating looking to go up and getting very worried.

beecher

not sure I understand - weren't Oakwood willing to give you a new deal?

Wutang_2

Its all about your LTV, income and recent credit history...if you have made all your payments on time lately and have a little bit of equity then you should be ok. Sounds like Oakwood have taken over the GMAC deal and its now just a case of speaking to a broker to find out who can do this remortgage.

There are a few middley companies like BM, Accord, Coventry, Chelsea etc who can help but its all about the recent credit history

flipmode_2

oakwood just want to milk you for what you have got, they will not give me a new deal. My mortgage is always paid on time.

Dan_Collins_2

Oakwood finance do not offer anything other than SVR. Something I feel the FSA need to look at as this can make the issue of selling mortgage books on worse.

Anyhow contact a broker who look for you. You may have to go off the beaten track but a few lenders are still lending in your sector. Probably Firstnational.

Good luck

Conrad

If you want other otpions you need to tell us your status;

For a start;

Conservative property value
Loan amoount
Exact details of adverse credit including amounts involved
Whther you can prove the required income
EXACT property type and if ex council

flipmode_2

property worth about 250/260 000
mortgage 166 000

credit problems are with my other house which my parents live in and have not been paying the mortgage on time - 2 months in arears at the moment not been paying the mortgage correctly for 1 and half years (mortgage in my name)

current home is ex-council
which I have been in for 2 years

flipmode_2

On my Credit file its showing the problems with my other home, will this affect my credit rating ???

Conrad

A lender that discounts arrears on 'other' properties is probably the way forward, otherwise you will be looking at horrendus interest rates above 9% with those arrears.

The property type - is it brick built with a pitched roof? Anything out of the ordinary? If it's a flat, does it have galleried access?

flipmode_2

Cureent home is a standard 3bed, pitched roof. What lender discounts mortgages on other properties ???