The product tracks the three month London InterBank Offered Rate (LIBOR) - the rate at which Banks lend to each other - instead of Bank of England’s base rate.
The rate will be reset quarterly according to the rates published by the British Bankers' Association.
The rate of 4.72 per cent is available on loans of up to 75 per cent loan to value (LTV) and is based on LIBOR plus 0.69 per cent. On loans of up to 85 per cent LTV the rate is 4.92 per cent and is based on LIBOR plus 0.89 per cent
Gina Collman, head of corporate communications at GMAC Residential Funding, said: "We have already generated over £300m of buy-to-let business following a standing start in June 2001. This new product - giving buy-to-let borrowers the chance to pay just 4.72 per cent as part of a long-term tracker arrangement - will increase that momentum".
"There is no other lender in the UK buy-to-let market currently offering a leading two-year fix, and a leading tracker, to 85 per cent LTV in the mainstream buy-to-let market, while also making available a full range of sub prime options."
