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GMAC fixes non-conforming loan at 5.74% for two years

GMAC-Residential Funding is offering a two-year fixed-rate deal for non-conforming borrowers at a rate of 5.74 per cent until September 2004.

The rate is available for mortgages up to 90 per cent loan to value and is aimed at borrowers who have received county court judgments in the last three years totalling up to £3,000, missed two payments in the last 12 months or one in the last six months.

GMAC-Residential Funding is also offering a 5.99 per cent fixed rate for the same period for loans up to 85 per cent loan to value.

This product is available to people with adverse credit who have up to £7,500 in county court judgments in the last six months and up to three missed payments in the last year or one in the last six months.

The 5.99 per cent rate is also available to borrowers whose bankruptcy or individual voluntary arrangement conditions have concluded more than a year ago.

Both rates carry an early repayment charge of 6 per cent of the value of the loan in the first year, 5 per cent in year two and 4 per cent in year three.

Head of corporate communications Gina Collman says: “Borrowers are looking for a period of stability at the moment, especially when faced with volatile equity markets and unpredictable interest rates.”

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