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GMAC is first off blocks with Pos offer

GMAC has stolen a march on its rivals by becoming the first lender to give a point of sale offer.

The lender launched its new system, Poso, on Monday, and several brokers, including John Charcol, say the service will speed up the mortgage application pro- cess significantly.

GMAC beat rival Edeus, which had hoped to be the first company to issue an instant offer at its launch party either by bringing the customer along or showing video footage of the offer coming through in London next week.

GMAC chairman Stephen Knight says customers getting an instant decision will not pay a premium and the system will gradually be rolled out to brokers over he next 10 weeks.

Knight says: “It will be worth double the procu- ration fee for brokers as they will save thousands of pounds on chasing around and they can spend that time selling.”

John Charcol senior technical director Ray Boulger says: “This will have a major impact on our business model.”

Edeus managing director for sales Alan Cleary says the company has yet to pinpoint an exact launch date but it will be between September 14-18.

Cleary said before the GMAC announcement: “It will be the minority that will get an instant offer because as a pioneer you have to test the market. There will be a price for an instant decision.”


Cordea Savills launches development initiative

Cordea Savills has launched a property development scheme which aims to deliver a return to investors of between 9 and 11 per cent by allowing them to assume the role of developers. The project which allows investors to take part in commercial, residential and mixed-use property developments under its Qualifying Property Companies structure involves establishing […]

House prices up 1 per cent in August says Halifax Price Index

Halifax’s house price index recorded a one per cent rise in August although it pointed to a slowing price growth rate in the market.The index also revealed that in August house price inflation fell from 9.2 per in June to 8.2 per cent and the group expects the trend to continue over the next few […]

Calculated bets

Following Mark Harris’s column last week, further comment on high arrangement fees may be helpful. High percentage-based fees came to prominence 18 months ago when The Mortgage Works introduced a buy-to-let 4.99 per cent three-year fix with a 1.5 per cent fee to address the challenge of rental cover requirements at higher interest rates. This resulted in many more landlords being able to borrow 85 per cent than with a normal fee and a higher rate. This mortgage was so successful that many other BTL lenders followed suit and nowadays high percentage or high fixed fees are also common in the mainstream and self-cert markets.

IHT still has important role, says leading professor

Inheritance tax may be unpopular but it has an important role to play in the tax system and is unlikely to be scrapped, according to a leading economist.Speaking at the Institute for Fiscal Studies annual lecture, professor of economics and law at the University of California Alan Auerbach said slashing IHT is not particularly desirable.He […]

Leading Edge – April 2017

There is little doubt 2017 will be a year of political uncertainty. Leading Edge is Royal London Asset Management’s regular review of investment markets. This edition explores some of the impacts that this uncertainty is having on investors, from the pitfalls of prediction within UK equity investing to the dangers of opting for convenience over […]


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