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GMAC-RFC adds Leeds & Holbeck for through loans

Mortgage lender GMAC-RFC has added Leeds & Holbeck Building Society to its through lending programme where one lender markets a loan and sells it to another on or just before completion.

Market Harborough was the first society to sign up for the programme last year which is used as a way to increase product ranges and give purchasing lenders completed assets with no pre-completion processing or distribution costs.

The first product being launched with Leeds & Holbeck is a five-year buy-to-let fixed rate of 5.79 per cent at up to 75 per cent loan to value and 5.99 per cent up to 85 per cent LTV.

GMAC-RFC claims that, unlike loans from competitors, which typically charge the customer an additional fee of 1 per cent, this product attracts a lender&#39s arrangement flat fee of £395.

The second product tracks the bank base rate while protecting borrowers by setting a limit on what they have to pay for the first three years.

The tracker cap product charges Bank of England base plus 0.95 per cent for three years for LTVs up to 90 per cent but the maximum rate is capped at 5.29 per cent.

Leeds & Holbeck chief executive Ian Ward says: “We are very pleased to be involved in this arrangement and see through lending as an effective additional channel to support our objectives within the intermediary market.”

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