Selected borrowers from GMAC, Kensington and Edeus who are sat with mortgage company Oakwood are being paid to re-mortgage away.Leading website Mortgage Strategy report what can only be described as a “fire sale” by Suisse Life who acquired buy to let mortage books from the specialist lending marketplace and placed them in a company called Oakwood. They are reported to be offloading mortgages at bargain basement prices that they are unable to sell on.

For example a client with a mortgage of £200,000 in this pool of troubled mortgages from one of the lenders above, in certain circumstances, are being offerred up to a £30,000 discount for taking their mortgage to another lender. Therefore the mortage with the new lender would only be for £170,000. The company has also said it will waive redemption penalties saving many more £1,000’s.

Great news for the clients, bad news for the likes of Credit Suisse shareholders who are taking this huge sub prime hit, and this following the record £5.6M fine from the FSA for a number of failings.

Trumpo is pleased to see some good news for a small numer of mortgage payers who have been hit with increasing borrowing costs for over a year now.

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