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GMAC-RFC launches new BBR trackers

GMAC-RFC has re-priced its Partners product range and is replacing current mainstream and self-cert discount rates with new BBR trackers.

The lender says that in the current market environment, borrowers should consider alternatives to fixed rate products and the benefits of variable rate products.

GMAC is now offering products with up to 75 per cent loan-to-value BBR + 0.50 per cent and up to 85 per cent LTV BBR + 0.80 per cent.

Its new rate in replacement of its self-cert discount rate is 75 per cent LTV BBR + 0.80 per cent.

Corporate relations manager Julie Gaskin says: “Yesterday’s hold on the Bank of England base rate was as expected, suggesting that we are likely to have reached the peak of the current interest cycle, with most experts predicting that it will either stabilise or reduce in the coming months. As such, switching to a variable product couldprove a shrewd financial move for borrowers as lenders can price more competitively.”

“In the current climate borrowers who have previously opted for a fixed rate product should look to a tracker mortgages as an attractive alternative. If predictions ring true and the base rate does indeed fall to around the 5 per cent mark, customers on variable rate products could see monthly repayments drop by almost £150, resulting in considerable savings over the mortgage term.”


Amber Homeloans to withdraw products

Amber Homeloans has announced to brokers that it will be withdrawing all current products – with the exception of SC100 – at close of business on November 13.It says that these products will be removed from its online DIP and KFI, and from sourcing systems, at close of business November 13 . All direct cases […]

Fraser quits SLI to head Aegon Euro equity team

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Fortis gearing up for protection debut

Fortis is planning to enter the protection market with a combined life, critical-illness and income protection plan.Sources say the plan will automatically top up to the full sum assured after paying out on a critical illness or income protection claim.Money Marketing understands the product will have a maximum sum assured of £250,000 and will be […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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