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GMAC-RFC unveils new range for adverse credit

GMAC-RFC is offering a new range of products for non-conforming clients including bank base rate tracker discount options.

The range includes a two-year no extended tie-in product at 6.15 per cent available on a full-status basis or a self-cert version at 6.35 per cent.

There is also a discounted base rate tracker with six-month discounts starting at 4.85 per cent full status and 5.15 per cent self-cert. Both full-status loans revert to bank base rate plus 1.85 per cent and 2.15 per cent for the self-cert options. Maximim loans to value are 80 per cent for full status and 85 per cent for self-cert.

Redemption penalties apply for two years on all loans in the range which is claimed to cover all degrees of adverse credit.

Head of marketing services Jeff Knight says: “This enhancement to our product range will strengthen our position as the champion of the non-conforming market. Our new products give intermediaries even more choice to find the best product for their clients. It is a simple, straightforward and very competitive range that will be easy to find on the mortgage-sourcing systems.”


New tax regime for trusts

The income and capital gains tax changes relating to trusts proposed in the Pre-Budget report have been included in the Finance Bill 2004 and are effective from April 6. For interest in possession trusts, the income tax position is unaffected by the proposals. Discretionary trusts and accumulation and maintenance trusts, however, have the power to […]

Heritable takes a chance

HERITABLE BANK Self-Cert Three-Year Fixed Type: Fixed-rate self-certification mortgage Fixed term: Until March 1, 2007 Fixed rate: 5.99% Minimum loan:£25,001 Maximum loan: Up to 75% of valuation subject to a maximum of £400,000, up to 70% of valuation subject to a maximum of £500,000 Income multiples: Based on affordability calculation and credit score Arrangement fee: […]

Govett funds to be merged into Gartmore

Gartmore is proposing to merge the majority of Gartmore Govett funds into Gartmore UK retail funds after its acquisition of the fund manager from Allied Irish Banks last November. Gartmore head of UK retail Paul Feeney says: “Since the acquisition last year we have been clear about our intentions to merge a number of the […]


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