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GMAC-RFC to increase intermediary sub-prime rates over 85 per cent LTV

GMAC-RFC has revealed it will be re-pricing its non-conforming products over 85 per cent loan to value tomorrow.

It says it will confirm tomorrow how much it will increase its rates by but says its SVR will remain unchanged.

This comes after it announced to its partners that it will increase rates by 0.5 per cent on non-conforming products over 75 per cent LTV from tomorrow.

Corporate relations manager Julie Gaskin says: “This is a tactical move in response to the current state of flux we are seeing in the market. These are short term changes to enable us to be prudent with our balance sheet whilst the market readjusts itself. We will continue to monitor developments and review our products when necessary. The important thing to reinforce is that we remain fully committed to the sub prime market and see it as an important and growing area of the mortgage market that needs to be serviced by top lenders”.


John Jory to speak at Labour conference

B&CE Benefit Schemes deputy chief executive John Jory is to be on a panel of speakers at the Labour Party’s annual conference.Jory will be a panel member of a debate on pensions entitled “Pensions: increasing saving, preserving provision” along with minister for pensions reform Mike O’Brien.Also on the panel will be NAPF chairman Chris Hitchen […]

Top up the toolbox

For many years, it has been accepted industry practice for life companies to provide specialist technical resources to advisers. There could now be serious implications, with the High Court ordering Scottish Equitable to compensate a client because its repre-sentative was present at the time when advice was given.

FSA fines mortgage firm and chief over selling failures

The FSA has fined Hadenglen Home Finance and its chief executive Richard Hayes for failures in selling payment protection insurance and remortgages.The firm, based in Ashby de la Zouch, Leicestershire, has been fined 133,000 and Hayes has been ordered to pay 49,000 over inadequate systems and controls when recommending remortgages and PPI to clients.This is […]

Trap door

New rules are being proposed to deal with the issue of insurance contracts and disclosure


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