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.”