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GMAC-RFC launches its new mortgage range

GMAC Residential Funding is launching a new range of non-conforming mortgage products.

The company is cutting the rates of its non-conforming range by up to 1.25 per cent. GMAC has also increased its maximum loan size and LTV on fixed and discounted boxed options and added a range of full term base-rate linked trackers at mainstream prices.

There are no changes to procuration fee arrangements. Fixed rates are reduced by up to 1.1 per cent. A full term tracker product has been reintroduced with rates from base +1.44 per cent.

Loans are now available to 95 per cent LTV. Right to buy is also available, including a self-cert option.

It has also added free legals and valuation to the service.

GMAC head of marketing services Jeff Knight says: “According to our competitor analysis, we are now the cheapest non-conforming alternative in most categories. With the best rates, backed by the best service and an award winning online decisioning system, we expect our non-conforming business to accelerate away from last years record volumes.”


Who knows for whom the bell tolls?

I read with interest the letter by Jason King, managing director of Life Policies(Money Marketing, January 20). I do not know where he gets his figures from but I am sure that Terence O’Halloran will put him right. I can only add, from my own personal experience, that my policy with Imperial Life (now part […]

Multi-manager view

It is frustrating for boutique multi-managers such as Miton Investments to hear of the vast sums of new inflows to this arena that are finding their way into some of the marketing leviathans in our industry, even if they have a poor or, in some cases, no track record.


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