Rooftop borrowers offered golden goodbyes
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Rooftop Mortgages has become the latest sub-prime lender to offer clients large discounts to help them remortgage with another lender.
Money Marketing understands that the defunct lender is offering chosen clients the chance to mortgage with another lender by offering discounts of up to 15 per cent to help them increase their equity stake and mortgage away with a new lender.
Golden goodbyes have become commonplace amongst former specialist lenders keen to reduce their mortgage books - Edeus was the first lender to offer such a deal to clients in 2008, and earlier this year both Advantage and GMAC-RFC offered huge discounts to chosen borrowers.
London & Country mortgage adviser Richard Morea says one L&C client has received a discount from Rooftop of £30,000 today, reducing their loan by 14 per cent.
It is not clear whether the lender is going direct to chosen clients or through a brokerage - MortgageForce broker MortgageMatch is currently handling Advantage’s chosen discounted clients.
MortgageForce managing director Kevin Duffy says: “The sooner we have these sort of measures replicated throughout the sector, the sooner we can clear the mortgage log jam.”
Rooftop Mortgages was a subsidiary of Bear Stearns. It ceased lending in 2008, and its mortgage book is now managed by Crown Mortgage Managment.
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Readers' comments (4)
Anonymous | 17 Sep 2009 6:41 pm
(buy to) Lets sort the men from the boys
ANY CHANCE ANY OF THE OTHER LENDERS NOT CURRENTLY LENDING WILL OFFER BUY TO LET BORROWERS A LIFELINE TO REMORTGAGE TO A BETTER LENDER?
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Anonymous | 18 Sep 2009 7:35 am
Most un usual
Why would a lender do that ? Offer an incentive to go somewhere else?
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Anonymous | 8 Mar 2010 6:40 pm
I AM WITH ROOFTOP AND PAYING INTEREST ONLY ON MY MORTGAGE. I WOULD VERY MUCH LIKE TO GO WITH ANOTHER LENDER AND HAVE A REPAYMENT MORTGAGE. CAN U HELP PLEASE?
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brian | 15 Mar 2010 2:11 pm
hi have a interest only have benn in arrears and was offered a large reduction but couldnt remortgage due to arrears they haqve told me now that it is stopping and i cant request a reduction we have a buyer for the house now any suggestions
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