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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.”


Crawford to join IBM

Former Cap Gemini Ernst & Young head of insurance Shaun Crawford has now joined IBM to head its insurance division. He will be director of insurance services and will be focusing on the development of IBM&#39s life and pensions packages. Crawford has been an influential commentator on the IFA market while at Cap Gemini and […]

Standard Life Bank improves buy-to-let products

Standard Life Bank says it has improved its buy-to-let mortgage to help parents wanting to buy a property for their children going to university.Aimed at non-professional landlords Standard now places no restriction on student letting and will give loans on studio flats.There is a six month discounted variable rate of 4.24 per cent which then […]

Moves at the top for Norwich Union Life

Aviva, formerly CGNU, has promoted Philip Scott to become executive chairman of Norwich Union Life. His expanded role will encompass being appointed to the board of CGU France and will also work closely with the board of Delta Lloyd, its Dutch subsidiary. Gary Withers will become chief executive of Norwich Union Life and will have […]

Almost half of UK workers have no pensions says CA

Almost half the UK workforce has no pension provision according to new research from the Consumers&#39 Association.The survey from the consumer watchdog indicates only 46 per cent of UK workers is contributing to a pension scheme, highlighting the gap between the income consumers expect to receive in retirement and that they really will.Other results reveal […]

Protecting long-term savings from short-term policy

By Jamie Clark, Business Development Manager The pensions revolution is almost upon us. As with any revolution, there will be winners and losers. The winners in this case could presumably be the politicians that orchestrated pensions freedom and choice just before the general election. As for the losers, there may be many thousands of people […]


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