View more on these topics

GMAC-RFC confirms it is not changing sub-prime lending criteria

GMAC-RFC says it will not be reducing its maximum LTV to 75 per cent for packagers and will not be putting up its rates imminently.

Yesterday, the lender alerted packagers by email that it could be potentially pulling all of its sub-prime products over 75 per cent LTV but this afternoon it confirmed it would not be doing this.

GMAC corporate relations manager Julie Gaskin said yesterday that the lender was also considering putting rates up again, just a week after it announced it was increasing rates by 0.75 per cent on its sub-prime range and 0.5 per cent on its mainstream, self-cert and buy-to-let products.

But this afternoon GMAC has announced that after consideration it has decided to leave rates unchanged for the moment – though it has not ruled out any future rate changes.

GMAC is now looking at rates on a daily basis.

Last week GMAC announced that it will no longer accept unlimited adverse business and reduced its maximum LTV to 90 per cent from 95 per cent.

Recommended

Market volatility no threat to short term house prices, says Nationwide

Nationwide claims it’s not market volatility that is likely to affect UK house prices in the short term, but rather weaker affordability, higher interest rates and inflation and lower house price expectations.Nationwide’s chief economist Fionnuala Earley says the rate of house price growth has increased during August, but the annual rate decreased slightly. She says: […]

Emerging winners

Funds such as Jupiter emerging Europe have held up well amid the chaos

A switch in time

From my point of view, wraps are a necessity, both for me as an IFA and also as a consumer. Quite simply, they allow complete control.I have personally enjoyed excellent returns over the last few years with my own pensions run within a wrap.Once you have experienced what can be achieved by applying focus with […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment