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GMAC-RFC to up sub-prime partner rates by 0.5 per cent on high LTVs

GMAC-RFC has announced that it has increased its partners rates by 0.5 per cent on its sub-prime products over 75 per cent loan to value.

Head of marketing Jeff Knight says it is also quite possible that it will increase rates on its direct-to-broker sub-prime products too but has not yet made any decisions.

The changes will come in effect on September 12 with current rates available until midnight on September 11.

Knight says its packaging partners have been informed of the changes today.

This comes after Edeus re-priced its sub-prime range by an average of 0.65 per cent last week, providing brokers and packagers with less than 24 hours notice.

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