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GMAC-RFC drops 25 year fix

Lender GMAC-RFC is dropping its 5.59 per cent 25 year fixed rate mortgage blaming a lack of interest in the long term fixed market.
GMAC-RFC head of marketing services Jeff Knight says the company decided to market-test the product to see whether there was enough appetite for long term fixes in the market. Following little interest the lender has decided to withdraw the product from its range.

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