Oakwood doing deals?

[Bullhunter]

Had a very interesting chat with Oakwood yesterday about the deals they are offering for borrowers to go elsewhere.

 

The initial offer was 15% reduction in mortgage balance - but I explained that I wouldn't get as good a deal elsewhere as the rate is BBR+1.9% and that over the remaining term I would probably be better off sticking with them.

 

Their response was - have a look at alternative mortgages and come back to them with an offer as the level of balance reduction is negotiable!

 

Anyone had experience of this?

[1979999]

Yes been offered nearly £50k discount but have a charging order on the house that Restons (grrrrrr) are being difficult about.

 

Does anyone know why Oakwood are giving these discounts? Heard something about unenforceable contracts.

[TimMarsh]

Had a very interesting chat with Oakwood yesterday about the deals they are offering for borrowers to go elsewhere.

 

The initial offer was 15% reduction in mortgage balance - but I explained that I wouldn't get as good a deal elsewhere as the rate is BBR+1.9% and that over the remaining term I would probably be better off sticking with them.

 

Their response was - have a look at alternative mortgages and come back to them with an offer as the level of balance reduction is negotiable!

 

Anyone had experience of this?

 

Anybody received a discount from oakwood recently? is it still around?

[Bullhunter]

Hopefully by end of this month I will be completing on a sale to get a 30% discount from Oakwood - offer is limited to a specific batch of Oakwood loans and closes end of June.

 

The guy I spoke to at Oakwood said he couldn't confirm or deny whether there would be another offer for another batch of loans later this year - fingers crossed.

[ohitsonlyme]

oak wood sold a lot of loans on to Mars capital, who have been trying for several repossesions on here, I know of at least 2 cases where they lost and have offered 25% discounts to clear the loans

Their business model is similar to a DCA they buy loans in trouble at a discount from the likes of Oakwood and then try to get back more than they paid In their case by repossesion but if they fail the cashflow dries up or as now rates are very lower the return on capital is bad.especially as lots of these loans are now out of fixed rate and at base plus a small %I would love to know how much they apy for them as this would give the lowere ceiling

onlyme

[ohitsonlyme]

Would it be worth asking a moderator to amend the thread title to include Mars

[knight57]

just do not go with webb resolutions they bought my mortgage from mortgage 1 ( plc) in March and tried to reposses my house in June fortunatley the Judge (yesterday) suspended the order i had £10000 arrears when they bought it and would not honor the agreement i had with mortgage 1 of 500 per month he basicly told them they had wasted his time

[ohitsonlyme]

UPDATE!! I completed on the sale of one of my properties alst month mortgage outstanding £172000(including inflated arrears and charges)

 

Repayment of mortgage accepted at £125,000 Deal done and dusted 27 % discount

 

I allowed me to get back the origianl deposit I put on the property back in 2007 even though I sold Below market value!!

 

Mars were good to deal with but I had to beat them off in a repossesion hearing first!! and then they rolled over and played ball

 

onlyme