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GMAC-RFC latest lender to re-price sub-prime product range

GMAC-RFC has become the latest sub-prime lender to re-price its product range in the wake of the US sub-prime crisis.

This follows the announcement by Mortgages plc that it will re-price its product range to reflect the recent widening of funding costs in the capital markets. Edeus has also confirmed it will be re-pricing this week.

GMAC-RFC says it has already re-priced its fixed-rate products for intermediaries and will be re-pricing its Partners fixed-rate range for packagers this Friday.

This will include its non-conforming status levels 1, 2 and 3 fixed rates, its non-conforming self-cert levels 1, 2 and 3 fixed rates, its mainstream fixed rates, self-cert fixed rates and buy to let fixed rates.

These changes will be effective from August 17.

GMAC-RFC director of marketing Jeff Knight was keen to play the re-pricing down. “It’s just a simple re-price and it’s business as usual for us. We’re always assessing our rates.”

Knight adds: “We’re not worried about the market as we’re in a very strong position in the UK. It will affect the whole market indirectly.”


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