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GMAC-RFC launches two year fix at 5.25 per cent

GMAC-RFC new chief executive officer Simon Knight has marked the start of his tenure with the launch of a mainsteam two year fixed product at 5.25 per cent.

Knight says: “We have made this dramatic move for three key reasons. First, to offer consumers fixed rate protection in a rising rate market at rates significantly cheaper than the market average. Second, as a reminder that GMAC-RFC attaches equal importance to mainstream and specialist lending. And third, to put the wider market on notice that it can expect a continuation of fierce, but fair, competition from GMAC-RFC under my leadership”.

The new product, which is fixed to 1st July 2009, offers a free legal package. GMAC-RFC also has launched a product with a lower arrangement fee for an extra 0.5% on the fixed rates. This latter feature will be of benefit to mortgage customers with lower loan sizes, enabling intermediaries the length and breadth of the UK to benefit from this market-leading fix.

Knight adds: “We have generated almost £30bn in mortgage decisions in the six months since we launched POSO. Intermediaries have discovered that certainty, over-delivering on customer expectations and massive savings on their processing costs and time have been a real win, win, win. With this exciting new product, their experience will only be enhanced.”


City Financial has stars in its eyes

City Financial’s multi-asset multi-manager funds have invested in two new boutique funds from PSigma Asset Management and Asian hedge fund specialist Coupland Cardiff on the strength of the managers’ track records with bigger investment groups.

It’s a wrap…

Why do we use Transact? Well, we are one of the lucky ones in that we discovered wraps early on in the development of our business. We knew then that there had to be a better way to administer our clients’ investments than dealing with individual investment houses on individual holdings for individual clients.Because we […]

Pensioner homes rise by £41.5bn in first quarter

Rising property prices have seen British pensioners’ home values rise by £41.5bn in the first three months of this year, according to Homewise.The Homewise Pensioner Property Equity Index found the UK’s 6.3m retired home owners have gained an average of £6,553 in property values since the start of the year.It says over the past year […]

Nuts in May

Having returned to these damp and cool shores from sunnier climes, there has been a lot to catch up with. It was a mixture of good news and bad news.

Scheme pays explained

By Fiona Hanrahan, senior product insight and technical support analyst We’ve received lots of queries on scheme pays and when it can be used. This article explains how it works and the conditions which apply. What is ‘scheme pays’? If an individual exceeds the annual allowance (AA) and an AA tax charge is due, they […]


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