GMAC who two years ago withdrew their self certified product from Spain are now writing to existing clients to try and reduce their Spanish mortgage book so they can remove their administration centre from Spain in its entirety.
GMAC Spain are offering clients a reduction of 10% of the outstanding capital owed and to cover all costs of the move of the mortgage if the client can find a lender to take over the loan.
This offer provides a great alternative for any client in a position to take up GMAC’s offer. Having the capital reduced by 10% is a fantastic deal and at the same time given GMAC rates were high a lower rates could also be achieved making it a complete win, win situation.
The key issue for GMAC clients is that they probably went to GMAC because they could not evidence incomes; as no other lender allows self certified a move to another provider will only be possible if incomes; sufficient to meet the new banks criteria can now be proved. Re-mortgages are also only available at 60% of valuation and GMAC lent at the height of market at 65% loan to value.
Many self-employed clients may however have chosen GMAC as the simplest route rather than their only route and could in fact qualify for another lender; other clients circumstances may also have changed sufficiently for them to now be able to evidence the incomes they declared to GMAC allowing a move to happen.
Any clients wanting to check if they can be accommodated by another bank and take advantage of the current GAMC offer can contact us at IMS to check their overall situation and feasibility of a new lender taking over the loan.