GMAC said market analysis revealed the sheer variety of adverse credit levels which needed to be provided for in the market.
Jeff Knight, head of marketing services at GMAC-RFC, said: “One thing we found in our research was that the majority of non-conforming borrowers had just minor levels of adverse credit. These new rates are designed with the needs of such borrowers in mind and are very close to mainstream rates allowing intermediaries to punch their true weight.”
The new products include discounted rates available from 5.24 per cent (5.54 per cent self-cert) with a 1 per cent discount for six months from completion. Two-year fixed rate deals are offered from 6.45 per cent (6.65 per cent self-cert) with a £395 arrangement fee. More information can be found at www.gmacrfc.co.uk
The new GMAC-RFC range follows the launch by BM Solutions, earlier this month of its new product range which included a three-year tracker and a 90 per cent LTV two-year fix at 6.85 per cent.
GMAC has also launched a buy-to-let product priced at 6.09 per cent for a five-year fix (75 per cent LTV).
