GMC mortgages info anyone?

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joeclogs

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I am looking for a tracker mortgage with around 75% LTV. From looking around it seems that GMC mortgages are the cheapest but I am a bit concerned in that I have never heard of them before. Has anyone dealt with them before and are they the cheapest or am I missing something?
 
joeclogs said:
I am looking for a tracker mortgage with around 75% LTV. From looking around it seems that GMC mortgages are the cheapest
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Really? They don't feature in the as far as I can see. Are you based in Ireland or somewhere else?
 
What did NIB quote you ??

GMC mortgages are some UK broker from what I can make out, they may have come in here recently and if so it may be a resold NIB tracker.
 
Hi,
I'm based in Kerry. NIB quoted ECB +.99%, which will drop to ECb+.69% once the loan to value is less than 60%. The mortage amount will be 150k so some of the banks said they didnt offer trackers for less than 250K.

I came across GMC on an auctioneers website but as you say I've never seen them on a "best buys" section before or indeed even heard of them before. At first I thought that maybe they just hadnt updated the rates on their website (www.gmc.ie)but they the website claims that they are updated daily so I thought I'd check to see if anyone had dealt with them before. I'm always a bit worried that if something seems too good to be true then it usually is- hence the request for info
 
2Pack said:
What did NIB quote you ??

GMC mortgages are some UK broker from what I can make out, they may have come in here recently and if so it may be a resold NIB tracker.
Click to expand...

They are brokers based in Ireland with several branches - I ve seen them advertise on . AFAIK National Irish still don't deal with brokers.
 
If NIB contract (not 'quote' ) to drop to .69% over base at 60% LTV then I would be inclined to go with them to save a further remortgage in 3 or 4 years time.

NIB will pay switching costs to an extent, also factor that.
 
GMC are advertised on the DNG web site..
go to DNG.IE nad select a property a piece shows up at the end advertising GMC morgtages adn what the repayments would be...
i believe they operate alongside DNG but i am open to correction
 
Looks like they're offering a discounted rate from Bank of Scotland of ECB + 1.25% but with a discount of 0.55% for first two years i.e 3.7%. If your loan to value is less than 75% then you can get a tracker of ECB + 0.45% for first two years.
Beware the discounted rate, once you lose the discount after 2 years the rate is not very attractive.
Most brokers deal with Bank of Scotland not just GMC.
 
ah so its only a short term discount off not a great rate (1.25% for the next 33 years)
 
Do they actually offer any discount to what is available from BoSI? I thought that the 0.55% and 0.45% discounts were available [broken link removed].
 
Plus you get 1000 towards legal fees if you deal with BOSI direct.
I have no connection with BOSI.
 
Thanks Everyone, I spoke with someone from GMC today (well a broker they got to ring me after I filled out an inquiry form) and according to her that rate on their website of 3.7% must be outdated and a leftover from before the last rates rise. So much for the claim on the website that the rates are updated daily and not exactly a recommendation to ever do business with them.
 
GMC is a broker-any mortgage you are sold by them will be from a lender, and as such, be no different from what you would get by going directly to the lender.
 
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