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Gmac self-cert starts at 5.2%

GMAC-RFC is offering a range of self-certification mortgages with rates starting at 5.2 per cent.

There is a choice of two and three-year fixes plus a two-year discount and a combined one-year fix and two-year discount.

Discount rates start at 5.2 per cent and fixes at 5.25 per cent. The rate control combination is fixed at 5.29 per cent until April 1, 2006 and then has a 0.5 per cent discount until April 1, 2008.

Minimum loan is 25,000 and maximum 500,00. Maximum loan to value is 90 per cent. Income multiples now offer 3.75 times first applicant plus co-applicant’s or 2.8 times joint income up to 75 per cent LTV. The loans are available to the employed and self-employed. There is an arrangement fee of 495.

GMAC-RFC has updated and remodelled its website with an online automated decision system offering a binding decision on all these products.

Head of marketing services Jeff Knight says: “Our online system offers decisions that are binding, so intermediaries can forget old-fashioned decisions in principle. Intermediaries can be certain that an offer will come quicker and that more cases will complete, which means increased sales and profit for the intermediary with less resource commitment.”

Johnson & James Associates adviser Chris Johnson says: “GMAC is obviously trying to build on its success last year.We have been hearing a lot of good things about them.”

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