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GMAC goes mainstream

Sub-prime lender GMAC Residential Funding is entering the mainstream mortgage market with the launch of a new product aimed at full status borrowers.

The lender says it aims to be a major force across all product sectors and plans to match leading rivals with a penalty-free, two-year fixed-rate mortgage.

The rates are 5.49 per cent fixed up to 75 per cent loan to value and 5.69 per cent fixed up to 95 per cent LTV until January 2003.

GMAC is matching the terms of the best high-street lenders by offering loans free of mortgage indemnity guarantee charges up to 90 per cent LTV, with no compulsory insurance and daily interest calculations.

Income multiples are up to 3.75 single income or three times joint income, with no references required under the deal if introducers can provide pay slips or a P60, leading to prompt decisions.

Corporate communications manager Gina Collman says: “GMAC has made mainstream products available in the last year, but in relatively small, exclusive tranches.

“However, this productis different in that it is a major lending tranche right at the top of the market, which is being made available via our large packager network to all UK intermediaries.”

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