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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.”


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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: […]

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