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GMAC brings in 5.49 per cent mortage

GMAC Residential Funding has introduced its first mainstream mortgage product for the UK market.

Aimed at first time buyers and remortgage clients, the company’s two-year fixed rate mortgage has a rate of 5.49 per cent for loans to valuation (LTV) of 75 per cent, or 5.69 per cent for LTVs of 95 per cent. There are no compulsory insurances, no redemption penalties and interest is calculated daily.

The product has income multiples of 3.75 times the principal income plus the second or 3 times joint for loans up to 75 per cent LTV or 3.3 times principal income plus second or 2.75 times joint for loans up to 95 per cent LTV. The income multiples for loans up to 75 per cent LTV are above the current market average of three times principal income plus second or 2.75 times joint.

The lowest rate for a two-year mortgage with similar features on October 17, 2000 is the Northern Rock two-year fixed rate, with a rate of 5.39 per cent for LTV of 90 per cent.


Royal & SunAlliance – Group Critical Illness Plan

Tuesday, 17th October 2000.Type: Single premium group critical illness plan.Minimum cover: £200,000.Maximum cover: Employees – £500,000, employee&#39s spouse – £125,000, children – £25,000.Illnesses covered: Core illnesses – cancer, heart attack, coronary artery bypass surgery, kidney failure, major organ transplant, multiple sclerosis, stroke. Additional illnesses – Aorta graft surgery, Alzheimer&#39s disease, benign brain tumour, blindness, coma, […]

Investec Asset Management – Wireless World Fund

Monday, 16th October 2000.Type: Ucits.Aim: Growth by investing in mobile access to the Internet.Minimum investment: A shares – $3,000, B shares – $250,000.Investment split: 46 per cent US, 11 per cent Sweden, 10 per cent UK, 9 per cent Israel, 8 per cent France, 6 per cent Finland, 4 per cent China, 3 per cent […]

Advisers tell clients to snub ScotLife takeover vote

IFAs are advising clients to boycott the Scottish Life takeover vote after being told many with-profits policyholders are not members of the mutual org- anisation and will miss out on windfalls.An information booklet on ScotLife&#39s £1.1bn buyout by Royal London shows that a number of personal pension schemes do not qualify for membership.ScotLife is the […]

Dresdner Private Banking – Strategic Investment Fund

Tuesday, 17th October 2000.Type: Fund of funds.Aim: Growth by investing in Dresdner RCM unit trusts and offshore funds.Minimum investment: £2,000.Place of registration: Guernsey.Investment split: 52.65 per cent UK, 45 per cent Luxemburg, 1.9 per cent sterling, 0.45 per cent North America.Charges: Initial 5 per cent.Options: None.Commission: Initial 3 per cent.Tel: 01481 727111.


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