gmac mortgages review

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Average Ratings

Value for Money	1.6/10
Reviewer Rating	1.4/10
Overall Rating	1.7/10

14% Recommended2 out of 14 Reviews

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Review of GMAC Mortgages

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• Review 14 of 14

By russxj6 on 25th Oct 2005

russxj6's Ratings

Product	Fixed rate
Repayment Method	Repayment
Value for money	0/10
Overall value	0/10
russxj6's recommendation

Good Points

None

Bad Points

Absolute clowns. Are likely to provide an offer and at the last minute stall the deal and cause stress to buyer and seller alike. Deal breakers!

General Comments

I've suffered at the hands of Gmac Mortgages, and if you talk to most Estate Agents or Conveyancing solicitors, so have they. They provide a mortgage offer and then find lots of reasons not to provide it in a timely fashion. At the point of writing GMAC's inept bureaucracy is about to cost two families the homes of their dreams. My advice, go somewhere else for a mortgage, these guys aren't worth the stress.

2 Comments on Review by russxj6 for GMAC Mortgages

1. stevegreengrass on 12th Jan 2006

   Whilst I must admit it was not straight forward I have finally exchanged thanks to GMAC and am moving in soon. Gmac have some funny quirks such as the solicitors you use must have more than 1 partner and buildings insurance must be in place before completion. But that's just belts and braces and good practise. I had a ccj but GMAC came in and gave me a great low interest rate for lower than many other lenders. It made my life a little more difficult because I used a low cost online solicitor but eventually it has all come together and for a bit more time I saved a lot of money.

2. joanne1 on 20th Mar 2006

   THINK TWICE, THINK AGAIN THEN RE-THINK. I had, well still sort of have, a mortgage with GMAC, we got into trouble, we received no communication until we contacted them to see why they hadn't taken a payment, then two days later we were sent a re-possession order, we went to court and it was held in court for seven days, we at this point had a buyer. Our solicitor managed to get us three weeks to exchange contracts searches then took place. Seven days before we were due to exchange contracts (as soon as you do that the house is considered sold and they cannot take it), our solicitors requested a redemption figure from their solicitors, they were then told GMAC had to do it, so the next day GMAC were requested, it never arrived (funny that!), my house was re-possessed this morning on the day of exchange of contract, at 10.30 this morning the funds were transfered, at 10.30 this morning they changed the locks, at the moment we are not sure what is happening but will update. What ever the desperate situation you are in don't sign up, you will find a better option because the stress and tears are not worth it. Oh and to rub it in they sent us a direct debit mandate form this morning.

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