Paratus AMC mortgage extension

[Tolo1dog]

I have an interest only base rate tracker mortgage with Paratus AMC (formerly GMAC). The term ends in May 2015 and I will be unable to repay the loan at that time due to unforeseen circumstances. I owe £80,558 and my property has been valued at £335,000. I would like to extend for 2 or 3 years, by which time I would be able to repay. I have read on a forum that Paratus do not like extending, and I am very concerned about this. I have never been in arrears, but I am 61 years of age. I have a net income of almost £20,000, so should satisfy their criteria. Their website states that they do extend, subject to criteria being met etc., but I would like advice if anyone has had dealings with them. Thank you.

[PlanB]

Re: Paratus AMC mortgage extension

I have an interest only base rate tracker mortgage with Paratus AMC (formerly GMAC). The term ends in May 2015 and I will be unable to repay the loan at that time due to unforeseen circumstances. I owe £80,558 and my property has been valued at £335,000. I would like to extend for 2 or 3 years, by which time I would be able to repay. I have read on a forum that Paratus do not like extending, and I am very concerned about this. I have never been in arrears, but I am 61 years of age. I have a net income of almost £20,000, so should satisfy their criteria. Their website states that they do extend, subject to criteria being met etc., but I would like advice if anyone has had dealings with them. Thank you.

I know of one case where they did extend a mortgage but only on conditon that the mortgage changed to a repayment one from interest only. They will need to see an end date for getting back their money. Paratus is a "closed book lender" (i.e. they don't actually lend) who picked up the pieces when GMAC scuttled back to the US at the beginning of the Credit Crunch. I'm afraid they're busy winding down their loan book since they have no incentive to keep it

Some lenders will let you stay on in the property after the mortgage term ends if you keep paying the interest, but this is usually for a short period only (1 year max) and then only with a good reason such as the fact you're selling the property or arranging finance elsewhere.

[Tolo1dog]

Re: Paratus AMC mortgage extension

I know of one case where they did extend a mortgage but only on conditon that the mortgage changed to a repayment one from interest only. They will need to see an end date for getting back their money. Paratus is a "closed book lender" (i.e. they don't actually lend) who picked up the pieces when GMAC scuttled back to the US at the beginning of the Credit Crunch. I'm afraid they're busy winding down their loan book since they have no incentive to keep it

Some lenders will let you stay on in the property after the mortgage term ends if you keep paying the interest, but this is usually for a short period only (1 year max) and then only with a good reason such as the fact you're selling the property or arranging finance elsewhere.

Do you know of lenders that are prepared to offer interest only loans for a short term? I obviously have a lot of equity in the house.

[Poftim]

Re: Paratus AMC mortgage extension

I have an interest only base rate tracker mortgage with Paratus AMC (formerly GMAC). The term ends in May 2015 and I will be unable to repay the loan at that time due to unforeseen circumstances. I owe £80,558 and my property has been valued at £335,000. I would like to extend for 2 or 3 years, by which time I would be able to repay. I have read on a forum that Paratus do not like extending, and I am very concerned about this. I have never been in arrears, but I am 61 years of age. I have a net income of almost £20,000, so should satisfy their criteria. Their website states that they do extend, subject to criteria being met etc., but I would like advice if anyone has had dealings with them. Thank you.

Hi, I have same problem arising this year re extension. Can you tell me how you got on with the mortgage extension issue?

[Openlaw15]

Re: Paratus AMC mortgage extension

I have an interest only base rate tracker mortgage with Paratus AMC (formerly GMAC). The term ends in May 2015 and I will be unable to repay the loan at that time due to unforeseen circumstances. I owe £80,558 and my property has been valued at £335,000. I would like to extend for 2 or 3 years, by which time I would be able to repay. I have read on a forum that Paratus do not like extending, and I am very concerned about this. I have never been in arrears, but I am 61 years of age. I have a net income of almost £20,000, so should satisfy their criteria. Their website states that they do extend, subject to criteria being met etc., but I would like advice if anyone has had dealings with them. Thank you.

Hello, Tolo

Is it possible to expound on the 'unforeseeable circumstances' as the law is you have the right to pay your mortgage off. May I ask why you still have thereabouts 1/4 of the loan still left to pay? Do you have an endowment policy linked to pay the rest?