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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.”

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