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GMAC Star shines wider

GMAC Residential Funding has widened the range of its Star product to cover all sectors – buy to let, mainstream and non-conforming.

The product does not require income details and attracts self-cert borrowers.

In the first six months of this year, GMAC saw a 69 per cent rise on last year and believes this is largely due to its competitive rates and no income details. It considers believes the product is suitable for employed as well as self-employed, with loans up to 90 per cent LTV and no Mig.

Head of marketing services Jeff Knight says: “Anecdotal evidence suggests intermediaries are becoming increasingly concerned about stating an income on certain self-cert cases, particularly with regulation on the horizon. We are not implying that income details are falsified but intermediaries fear it could be misinterpreted that way, when the reality is many clients find it difficult to determine.”


AMP demerger plans delayed

AMP has revealed its demerger plans are to be set back by a few weeks as it needs time to incorporate the FSA&#39s new realistic solvency requirements into the demerger explanatory memorandum.The Australian insurer was due to lodge the memorandum with the Australian Securities & Investments Commission at the end of the week, but says […]

Wide disparity between best and worst closed WP funds

There is a wide disparity among closed with-profits funds, with Prudential proving to be a top performer and AMP, Britannic and Equitable Life funds lagging behind the rest of the field, according to the latest report from consulting actuaries AKG.The UK Life Office Closed With-Profits Fund report, published last week, says that while being closed […]

The sum of redundancy

I have been made redundant by my employer and they are paying me a lump sum in compensation. Will I pay tax on that money? I am a member of the firm&#39s final-salary pension scheme and they have calculated a pension payable to me immediately, how can I be sure it is the correct amount? […]

GMAC launch third through lending product

GMAC-RFC and Market Harborough Building Society have today announced their third through lending product. The product is marketed by GMAC-RFC and Market Harborough Building Society acquires the mortgage assets the day after completion. The new product is called The Stepped Lifetime Discount Mortgage and is to be marketed through intermediaries on a semi-exclusive basis. The […]


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