Have GE money lowered their mortgage rate? they are charging me 7.7%
- Thread starter amok
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Re: GE Money
NO NO AND NO.
Sorry for the caps but so annoyed but we are in the same boat, we rang last time in sept / oct to be told they are not connected to the ECB so wont be passing it on.
Phoned Yesterday to be told that no they are not passing it on as they borrow money from America,i said why didnt you then pass there interest rate cut to us then in September and why if the ECB put up the rates do they pass it on to us.
I was thinking of reporting them to the financial reglatory??
NO NO AND NO.
Sorry for the caps but so annoyed but we are in the same boat, we rang last time in sept / oct to be told they are not connected to the ECB so wont be passing it on.
Phoned Yesterday to be told that no they are not passing it on as they borrow money from America,i said why didnt you then pass there interest rate cut to us then in September and why if the ECB put up the rates do they pass it on to us.
I was thinking of reporting them to the financial reglatory??
Re: GE Money
The reality with a variable rate mortgage is that the lender is not obliged to pass on any rate cuts - competition usually sees that some or all of the rate cut is passed on though. However if you are a sub prime borrower, GE's main mortgage market, you are likely to get less favourable treatment imo and you will have less bargaining power because you may not have the option of moving your mortgage ( or threatening to move ) to one of the mainstream banks.
The reality with a variable rate mortgage is that the lender is not obliged to pass on any rate cuts - competition usually sees that some or all of the rate cut is passed on though. However if you are a sub prime borrower, GE's main mortgage market, you are likely to get less favourable treatment imo and you will have less bargaining power because you may not have the option of moving your mortgage ( or threatening to move ) to one of the mainstream banks.
postman pat
Registered User
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Re: GE Money
I have a mortgage on a french property with GE bank,They seemed not interested in my query as to when or if they were reducing rates,when i pushed the issue,they said maybe soon!!!!
One thing if they are getting their money from the USA surely rates should be far cheaper.
the rate i have is 5.10 %,would be interested in any advice.
Pat
I have a mortgage on a french property with GE bank,They seemed not interested in my query as to when or if they were reducing rates,when i pushed the issue,they said maybe soon!!!!
One thing if they are getting their money from the USA surely rates should be far cheaper.
the rate i have is 5.10 %,would be interested in any advice.
Pat
Can someone explain to me what the grounds would be for a complaint to the Financial Regulator? From my understanding financial institutions can charge what they like as their variable rate regardless of what the ECB / US rates are.
As many of the banks have been 'bailed-out' by the government, there is currently political leverage on banks to reduce rates when ECB goes down to give the impression that they government actions are all in the best interest of the consumer. This does not make it a regulatory requirement.
If you think you are paying too high a interest rate, then shop around and move your mortgage business.
As many of the banks have been 'bailed-out' by the government, there is currently political leverage on banks to reduce rates when ECB goes down to give the impression that they government actions are all in the best interest of the consumer. This does not make it a regulatory requirement.
If you think you are paying too high a interest rate, then shop around and move your mortgage business.
A happy GE Money stockholder speaks out.
Many people can't move their mortgage. So it is right and proper for GE Money to charge too much? They could at least pass on the recent cuts. They still make enough from their margins.
Thats not true, people can switch anytime, normal banks will take on sub prime mortgage holders from normally a year to 18 months cause they can prove they can pay the high rates and if they havent got themselves bad credit again.
in this market everything has stopped with exchanges etc
postman pat
Registered User
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I have the 5.10% rate with GE money with over 2 years,im just wondering if the ECB rate keeps coming down, will they have to bring it down too..or am i being optimistic!
by the way my loan to value is about 50%, my property is in south of France,so if anyone has any ideas about switching to another bank there etc,i would be grateful.
Pat
by the way my loan to value is about 50%, my property is in south of France,so if anyone has any ideas about switching to another bank there etc,i would be grateful.
Pat
Pat - Is the mortgage with GE Money Mortgages which is in Ireland or GE Money Bank which is a high street retail bank in France?
As the property is in the south of France I suspect it is with the French retail bank.
Amok - GE borrows from the interbank market and not the Fed or ECB. They are not borrowing at 1%. As they had to go cap in hand to Warren B for a dig out I suspect they are paying a premium for the money. That's just a hunch though.
As you are on a variable rate, Fungus is right. The rate is at the bank's discretion.
As the property is in the south of France I suspect it is with the French retail bank.
Amok - GE borrows from the interbank market and not the Fed or ECB. They are not borrowing at 1%. As they had to go cap in hand to Warren B for a dig out I suspect they are paying a premium for the money. That's just a hunch though.
As you are on a variable rate, Fungus is right. The rate is at the bank's discretion.
postman pat
Registered User
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Thanks VOR for clearing that up,it actually is GE money bank alright,but is there a conection i wonder,the logo on their statments etc is the same as the GE money one,sorry for going on a bit about this but it would be interesting to know.
Pat
Pat
It is all part of General Electric. A diversified company.
GE Money has operations in about 55 countries. In Ireland it does not have branches but was rumoured not so long ago to be looking at Irish Nationwide.
[broken link removed]
Although sub-prime for mortages in Ireland, they also do prime lending here and all over the world.
GE Money has operations in about 55 countries. In Ireland it does not have branches but was rumoured not so long ago to be looking at Irish Nationwide.
[broken link removed]
Although sub-prime for mortages in Ireland, they also do prime lending here and all over the world.
Agree with VOR. Ge money over here are part of General Electric, an American company. So in a sense they do borrow money from America - the GE treasury - GE money here borrow from the mother ship! The mother ship on the other hand raises its money on the global markets and the cost of those funds isnt going down. The reason its customers are charged a higher rate of interest is because they are higher risk, due to credit history or employment industry - nothing to do with age. This is a sub prime product. People like Elainee40 - surely GE money werent your first choice when you went for a mortgage - you must have tried high street banks first? If so - surely you cannot expect to be on an interest rate of 4-5% like prime customers - what was your reaction when you got offered the money - did you query the rate? If you have an excellent credit rating and got this mortgage thru a broker and they didnt offer you any other choice then I would go back to them if I was you and ask them why they recommended GE as the best choice for you. Are you currently in arrears with your mortgage - that isnt going to help if you want a rate reduction.
T
tooey66
Guest
I would be very interested to hear what the Financial Regulator has to say about GE Money. I take on board everything that everyone has written, but these people are really something else! They prey upon people who are down on their luck, sometimes through no fault of their own. The call centres are manned by 'children' who could do with a lesson in good manners. I have explained my temporary financial situation - daily now for two months - until I am blue in the face, and still the threatening letters come. Clearly they don't write anything down on file. My rate is 8.9% so well done all of you on 5! I have a short lease, so they would have problems selling my property despite their threats of repossession. WOuld I be taken to Court? If so, are the judges likely to be lenient given my current (unemployed) struggle? THis is causing so much distress it isn't true, and feel like writing to that nice Mr. Obama....I am sure he wouldn't allow me to suffer in this way
GE Money will take you to court and much faster than any of the main stream prime lenders, that is a fact. Have a look at the high court masters listings and see how many cases they have on the go.
The master has made it clear that he will refuse applications where the banks have acted unreasonably. It is anyones guess if GE Money have added in such a manner.
You are unlikely to get any sympathy here from the rest of the masses that consider what GE Money do is ok and just.
The master has made it clear that he will refuse applications where the banks have acted unreasonably. It is anyones guess if GE Money have added in such a manner.
You are unlikely to get any sympathy here from the rest of the masses that consider what GE Money do is ok and just.