gmac

[smith]

there libour rate is at 9.95 % but if i move befor jan they want 4% of loan

£3000 a full year rdc for sake of 4 mths so yes il will be shifting my morg..
that would put me back my morg ball then i started with them robdoging sods in fact highway mortgage theft ... all have good look with gmac can not wait the get shut of them

[Paule]

Re: gmac

I dont want to be rude, but can you write this so people can understand it.
It may be clear to you, but for the majority who are trying to help, it makes life a lot easier if they dont have to decipher your shorthand first.

PKea

[smith]

Re: gmac

In my mortgage gmac state there is a labor rate{ which is now at 9.95%} as well as the usual interest rates. now if i move my mortgage to another lender i have a fee of £3000 to pay gmac because they will want 4% of the mortgage, they basically asking for a full year redemption fee when theres only 4 months left on the year so it would look like i have not paid anything on my mortgage for the last 3yrs with theses fees

[smith]

Re: gmac

help

[WendyB]

Re: gmac

So wouldn't it be easier and cheaper to wait the 4 months then move your mortgage? How do the costs weigh up against each other? Whats the pros and cons of moving mortgage to a new lender or staying with gmac? You need to look at it over the long term.
From what I understand about LIBOR rates, I don't think that this can be charged on top of your normal mortgage rate, the libor rate is usually used instead of the normal bank of England rate, but it fluctuates on a 3 monthly basis. its the money market rate as opposed to the bank of England rate. But the LIBOR rate has been at an alltime high recently.
With regard to early redemption charges, don't think there's much chance of getting out of it, especially if thats what you've signed up for in the first place.

[Amy]

Re: gmac

In my mortgage gmac state there is a labor rate{ which is now at 9.95%} as well as the usual interest rates. now if i move my mortgage to another lender i have a fee of £3000 to pay gmac because they will want 4% of the mortgage, they basically asking for a full year redemption fee when theres only 4 months left on the year so it would look like i have not paid anything on my mortgage for the last 3yrs with theses fees

If you are referring to being charged an ERC fee then it has nothing to do with not paying your mortgage and will not appear on your credit file.

Why don't you just do what Wendy suggests and wait and then you will be able to move mortgage without incurring the ERC.