Tell a friendRAMS no longer at mates rates.
All mortgage brokers have been instructed to suspend any new recommendations of RAMS Home Loans products following concerns over RAMS exposure to the US Sub Prime Meltdown and the non-bank lender may pass on to customers. Mates Rates Mortgages was already in the process of reviewing the lenders it deals with when news of the US situation arose.
Michael Lee, co-founder expresses concern, "We are committed to ensuring our customers get the best solution we are able to offer. Only a very small portion of our customers are placed with non-bank lenders as we have always been sensitive to the extra costs, uncertainty and penalties normally associated with them. Unlike banks, credit unions and building societies, the non-bank lenders are unregulated. "
"Because the US situation came up during our lender review process, it has been relatively simple for us to act swiftly to protect customers", Lee added.
Whilst the Mates Rates Mortgages Satisfaction Guarantee helps insulate customers from the penalties and refinance costs normally charged by RAMS Home Loans, customers are being urged to 'do the math' on the costs of switching to a different lender.
"A larger bank lender offers more stability and with competition tightening as is has over the last year or so, there are opportunities for borrowers to wind up with a competitive and often cheaper home loan with major lenders, especially when you take into account savings from the Mates Rates Rebate" Lee added.
Mates Rates Mortgages is currently reviewing all lenders that fall into the non-bank lender category.
15-08-2007
