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GMAC RFC – Self-Certification Rate Control


Self-Certification Rate Control

Type: Self-cert fixed-rate mortgage followed by discount

Fixed term: Until April 1, 2006

Fixed rate: 5.29%

Discounted term: Until April 1, 2008

Discount: 0.5%

Minimum loan: 25,001

Maximum loan: Up to 85% of valuation subject to a maximum of 350,000, up to 75% of valuation subject to a maximum of 500,000

Income multiples: Up to 85% of valuation 3.3 times principal income plus second or 2.75 times joint, up to 75% of valuation 3.75 times principal income plus second or three times joint

Conditions: Capital repayments of up to 25% a year allowed without penalty

Arrangement fee: 495

Redemption fee: 3% of amount repaid in year one, 2% in year two, 3% in year three

Introducers fee: 0.5% of original loan

Tel: 0870 4844484


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