View more on these topics

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.”

Recommended

Third best ideas fund from Skandia

Skandia is to set up a third best ideas fund with an absolute return mandate. The new portfolio will use 10 external managers’ top 10 stock picks and will also hold their favoured short positions.

C&G puts focus on 100% loans

Cheltenham & Gloucester is set to focus on developing its 100 per cent and buy-to-let propositions after announcing last week that it will be moving broker support to a centralised location.The firm is also axing 31 of its 195 branches in November, affecting 315 staff.The structural changes also mean that C&G is cutting its business […]

Acceptable risk

Martin Archer, legal and claims director at PI insurer Collegiate Management Services, rebuffs FSA criticism of risk assessment carried out by the PI industry and says insurers are not in business to police IFAs

A shaw thing

Sam Shaw is a reporter on Money MarketingUsually, the thought of working on a Saturday fills me with dread but when it involves sitting in the sunshine at Twickenham courtesy of the wonderful host (and Facebook virgin) Rick White, one cannot really complain. Thank you to the Invesco Perpetual lady whose Clinique sun cream I […]

A modern horror story

Every day a quick scan of the news reveals some new horror that will change the lives of those involved forever – the unlucky accident on the way to work, a tragic illness that cuts a young life short or the holiday accident that leaves more than just a scar to cope with. We barely […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com