Gmac Mortgages - Good or Bad ?
Discussion
jcwuk said:
Has Anyone got a Gmac Mortgage ?
We have a deal with them on one of our properties and just wondered if anyone has had any experiences of them good or bad ?
I used to have and they were fine, but I think they are trying to reduce their book of business as the new interest rates are hugeWe have a deal with them on one of our properties and just wondered if anyone has had any experiences of them good or bad ?
Romanymagic said:
More terrifying than you can imagine, a bit like finding yourself in a swimming lake and suddenly a great white shark turns up, and you look down in the frosty depths to see the great big grey fish with mega teeth swimming below you, honestly your best out of the lake.
What happened in your experience ?Mr Fenix said:
I've heard of them, and from what I understand their lending criteria are quite relaxed. As in the person I know who got the mortgage lied his balls off and they failed to check up the details.
Hey, sub prime mortgages. We've never got in trouble with those before. Edited by Colonial on Friday 5th December 04:19
I can see both sides of the argument for sub prime self employed bods who need books which reflect solidly with the Mortgage company and at the same time show less than stellar numbers for the HMRC to ponder over.
The person I know who "cooked the books" hasn't had many if any problems so far, mostly because he's paid the mortgage on time but my IFA friend in the UK tells me new regs are coming in which will allow "higher powers" to select and audit applicants self cert details. I sincerely hope he gets caught and the book along with the library is thrown at him !
The person I know who "cooked the books" hasn't had many if any problems so far, mostly because he's paid the mortgage on time but my IFA friend in the UK tells me new regs are coming in which will allow "higher powers" to select and audit applicants self cert details. I sincerely hope he gets caught and the book along with the library is thrown at him !
Gmac are sharks. Be very careful and read the small print of any agreement you sign. A friend recently got out of a mortgage by the skin of his teeth, he had to sell his house at £50k less than it was worth or they would have repossessed it. They would not renegotiate his deal even though he could have afforded to pay a sensible rate.
He was on 4.5% above the Libor rate!!
If he missed a payment they would go to court for repossession. This would cost him a £1k charge. When he got in arrears they let him re mortgage to increase the loan to pay the monthly repayment! He borrowed £180k and ended up owing them £260k.
He sold his house for £280k. They even took £10k off him as early redemption penalty. They are nasty.
He is now renting.
BTW he was self employed when he needed the "dodgy" mortgage, it was the only way he could get the house he wanted. His work started to dry up and he got in trouble.
Be very careful and make sure you can afford the repayments.
He was on 4.5% above the Libor rate!!
If he missed a payment they would go to court for repossession. This would cost him a £1k charge. When he got in arrears they let him re mortgage to increase the loan to pay the monthly repayment! He borrowed £180k and ended up owing them £260k.
He sold his house for £280k. They even took £10k off him as early redemption penalty. They are nasty.
He is now renting.
BTW he was self employed when he needed the "dodgy" mortgage, it was the only way he could get the house he wanted. His work started to dry up and he got in trouble.
Be very careful and make sure you can afford the repayments.
jcwuk said:
The interest rate at the moment with them is actually quite good and touch wood so far we have had a good relationship with them but must admit, friends have not had such good things to say about them.
As long as you can afford to make the repayments they are fine. Just don't miss one!cjs said:
As long as you can afford to make the repayments they are fine. Just don't miss one!
That sounds pretty much like every other mortgage provider then - or have I got it wrong and there are banks that shrug their shoulders and say "Whatever", when you default on your side of the contract.Edited by Matt Harper on Friday 5th December 18:48
Mr Fenix said:
I can see both sides of the argument for sub prime self employed bods who need books which reflect solidly with the Mortgage company and at the same time show less than stellar numbers for the HMRC to ponder over.
The person I know who "cooked the books" hasn't had many if any problems so far, mostly because he's paid the mortgage on time but my IFA friend in the UK tells me new regs are coming in which will allow "higher powers" to select and audit applicants self cert details. I sincerely hope he gets caught and the book along with the library is thrown at him !
I may have misunderstood your point above, but this is going on already! Every lender, even on Self Cert, reserves the right to go to full status and ask for accounts etc if they want to. Compliance checks and FSA checks are very wary of S/C deals and loans.The person I know who "cooked the books" hasn't had many if any problems so far, mostly because he's paid the mortgage on time but my IFA friend in the UK tells me new regs are coming in which will allow "higher powers" to select and audit applicants self cert details. I sincerely hope he gets caught and the book along with the library is thrown at him !
Matt Harper said:
cjs said:
As long as you can afford to make the repayments they are fine. Just don't miss one!
That sounds pretty much like every other mortgage provider then - or have I got it wrong and there are banks that shrug their shoulders and say "Whatever", when you default on your side of the contract.Very Good Point.
Got to Say Gmac so far have been very good - Just our point !
Friends have had issues with them but so far so good.
Edited by jcwuk on Saturday 6th December 03:27
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