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GMAC enters buy to let with two fixed loans

GMAC Residential Funding is offering two flexible fixed-rate buy-to-let mortgages as part of its aim to offer loans across all market sectors.

The mortgages are fixed until October 2003 at either 6.25 per cent or 6.55 per cent depending on loan to value. Both mortgages then revert to GMAC&#39s variable rate of 6.74 per cent.

Borrowers&#39 eligibility is mainly assessed on credit standing and expected rental income. Brokers get 0.45 per cent of the loan as an introducer payment.

Head of corporate communications Gina Collman says: “Over the last year, there has been increased interest in this market and intermediaries will be able to satisfy their client&#39s demands with these products.”

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