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August 10 2007this is the second mortgage that i’m trying to complete on with GMAC RFC.
they have been an absolute nightmare according to my solicitor.
both times GMAC have not been able to meet the completion date and requested more information such as asking for mining reports at the last minute when there have been no problems with subsidence. these kinds of questions should have been made way before the completion date, NOT last minute.
i have a third application going through with them and they have messed that up already. needing me to confirm if i am a first time buyer or not??
i guess i can say that they are being consistent at least. consistently appalling
benefits of using GMAC RFC
GMAC are currently one of the only BTL Lenders who will allow a 89% LTV, only requiring you to put down an 11% deposit.
the rental coverage they require is only 100% of the monthly mortgage payments which means that its easier to get deals to “stack” using this lender.
is 100% rental coverage enough?
mortgage payments £520 per month, rental income £520 per month, is this enough to cover all bases?
well no not really as buildings insurance usually amounts to £15 per month and the safety checks are about £40 annually. 100% coverage is not usually enough as you may have maintenance and void periods to consider.
what we need to remember is that the rental figure the lenders use to consider your application is the figure provided by the valuation surveyor. this figure is usually not the same as the actual figure that you are receiving. the actual rent received is usually slightly more which will help with the maintenance and void periods.
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I would have to totally disagree with that as GMAC clearly state on the offer which you your broker and solicitor should have read all o/s before comp if this is not done and the solicitor is blaming someone else for there shoddy work then thats there fault not the lenders. solicitors are notorius for this and i emplore you to call the lender if you have a query and they will advise you that on the offer and on most occasions this is produced a month or two before comp as sols take so long to submit all o/s that the reports i.e mining will be requested on there as the valuation is carried out before the offer is produced and thats when the report is requestde and it does not matter about subsidence this can be simply requested due to mine shafts being in the same postcode as the property in question. also with regards to the FTB case this is probably down to your broker not keying in your full name from the outset as this will affect experian checks i.e no credit info or little info coming up on the file!!
thanks for the comments and your opinions Paul.
i am only stating my recent experiences with GMAC. i have completed on so many mortgages with the same solicitors and broker it just seems strange that the few that use mortgages with GMAC took much longer with silly delays.
i’m hoping that this process does speed up as i do like the GMAC product, but its no good if it takes so long to complete, regardless of who is at fault.
I also have had bad experiences with GMAC as a slow lender… I currently have a residential mortgage with them but upon entering a new venture i will be looking to rent my property out. Does anybody know if GMAC are usually agreeable to this or are they awkward / expensive about changing to a Buy To Let mortgage?
hi julie, i can’t see them having a problem with it converting the residential to BTL. its just usually a question of fee’s GMAC will charge you.