This product is only available via the company’s Remote Processing partners.
Jeff Knight, Head of Marketing Services at GMAC-RFC, says: "Although we are experiencing record levels of new business during 2004 we have not had any service issues. This reflects in part our continued relationship with our Remote Processing Partners, whom this product is exclusively available ”
Talking about the new rate, Knight continued: "We developed this new rate following requests from intermediaries, as a gap has been left since TMB shut its doors to new business. Fortunately, due to our strength in depth we are able to seize such opportunities and respond to such needs. This is a very competitive product and should be highly sought after.”
Product details:
- Highly competitive rate: self-cert BBR + 1.15% (currently 5.65%) until 01.09.05, reverting to BBR+1.79%
- Available to 85% LTV
- Minimum loan £40,000
- Maximum loan £500,000
- Can be used by first time buyers
- Allows light adverse credit - 3 CCJs to max £1000 allowed and 1 missed payment in last 12 months; all adverse to up to date at time of application
- Income multiples - 3.5+1, 2.75 joint
- Portable between properties
- ERC of 1% to 30.09.07
- Arrangement fee of £395
The rate is only available through Remote Processors, a list of is enclosed and can be found on the GMAC-RFC website: www.gmacrfc.co.uk.
