The decision to introduce customers to GMAC-RFC was taken after lengthy research of the non-conforming lending market, following a number of approaches from different lenders.
The Chelsea Building Society was the first high street lender to launch a range of non-conforming mortgage products under it’s own name in 1998. Since launching Prospect the ability to lend prudently and profitably has allowed the Society to diversify the range to three Prospect schemes for customers with adverse credit, and a Right to Buy scheme for customers with light adverse credit who may wish to purchase their local authority home. The agreement with GMAC-RFC will augment, not replace, the Chelsea’s existing non-conforming products.
Initially the arrangement will only be available to direct customers via the Society’s Telesales Department on 0800 291291.
Commenting after signing the contract with GMAC, Marilyn Corke, General Manager (Sales) said "We’re confident with the service and menu style products that GMAC-RFC has on offer and the depth of experience they have in dealing with building society customers. We are pleased to be able to supplement an already highly successful range of products with an arrangement that will undoubtedly help even more of our adverse-credit applicants find a suitable mortgage. We’re delighted to be working with GMAC-RFC who have an excellent reputation for innovation and service"
Jeff Knight, Head of Marketing Services at GMAC-RFC, commenting on the new arrangement said "We pioneered through lending in the UK three years ago and have since helped many other lenders reap the rewards this provides. We have been seeing a real growth in this innovative lender partner programme, which brings benefits to intermediaries, customers and lenders alike, and are delighted to be now working with Chelsea Building Society, who like ourselves were pioneers in the non-conforming sector."
Full details of the Prospect range of mortgage can be found on the Society’s website www.thechelsea.co.uk
