GMAC-RFC is aiming to become the market leader in self-certification mortgages with a new range of products.
It says it is extending its range while other lenders are withdrawing or making their products less competitive. HBOS subsidiary The Mortgage Business, which has been a significant player in the self-cert market, recently closed to new business.
GMAC has introduced an online automated decision system, which it says has increased capacity by 30 per cent and says it would be able to cope with a rise in demand.
The new range includes two-year fixed-rate mortgages starting at 5.89 per cent and two-year discounted rates starting at 5.45 per cent. The products are available up to 75 per cent loan to value for 3.5 plus one income or 2.8 times joint income or 90 per cent loan to value for 3.25 plus one or 2.6 times joint income.
Minimum loan is £25,000 and maximum £500,000. There is an arrangement fee of £495.
Head of marketing services Jeff Knight says: “GMAC-RFC is already the market leader in the non-conforming sector and we are looking to replicate this position within the self-cert market. Intermediaries know that they can trust us and our online automated decision system takes away a lot of the strain.”