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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.


Lord Cobham retires at S&W

Smith & Williamson deputy chairman Lord Cobham is retiring from full-time employment but will continue to work as an adviser for the firm. David Cobb becomes head of investment management and Geoff Windebank as finance director in a group reshuffle.

Thoresen Review to pilot generic advice from September 17

HM Treasury’s Thoresen Review has announced a series of generic financial advice consumer pilots to be held in the North West, London, Staffordshire and South Yorkshire from September 17.The pilots will aim to provide non-regulated advice or guidance on a range of areas, including tax and benefits, saving and planning for retirement as well as […]

Mortgages plc to increase rates

Merrill Lynch subsidiary Mortgages plc has announced that it will be increasing its rates again by between 0.05 per cent and 0.92 per cent with effect from September 19.Applications on current products must be submitted by September 18.Marketing director Ian Whittaker says: “The continuing volatility in the capital markets mean we have no option but […]


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