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GMAC-RFC slices up to 1% off rates

GMAC-RFC is cutting interest rates by up to 1 per cent on most of its non-conforming mortgages and offering a new mainstream capped-rate loan.

The moves come as it leaps into the top 20 UK lenders for the first time, ranked 14th in terms of volume of gross lending, according to CML figures for 2001.

It is cutting rates in 21 areas of its non-conforming menu of new purchase and remortgage products, including right-to-buy loans and loans for customers with county court judgments and repossessions.

It is also offering a 1.25 per cent discount to August 1, 2003, which means non-conforming products start at 4.68 per cent. The capped loan has a rate of 5.29 per cent until May 1, 2005 and tracks the Bank of England base rate plus 0.95 per cent.

Head of corporate communications Gina Collman says: “Products can be tailored to suit individual circumstances, which means customers do not end up paying a rate which reflects problems they do not have.”

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