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Market Harboro&#39 and GMAC take loan steps

Market Harborough Building Society and GMAC-RFC are using through lending to launch a stepped lifetime discount mortgage.

Through lending entails GMAC-RFC marketing the product while Market Harborough acquires the mortgage assets the day after completion.

The loan has a rate of 2.99 per cent for the first year, a discount of 2.5 per cent from GMAC-RFC&#39s standard variable rate, currently 5.49 per cent. A discount of 1.50 per cent is offered in the second year and 1 per cent discount is offered for the remainder of the mortgage.

It will be marketed to intermediaries on a semi-exclusive basis. Cashback of £350 is offered to all customers and there is no application fee on remortgages up to £300,000. Redemption fee on the loan stands at six months&#39 interest in the first two years and one month&#39s interest or notice thereafter.

GMAC-RFC commercial director Barry Searle says: “We are seeing growth in this area which brings benefits to intermediaries, customers and lenders alike.”


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