GMAC overhauls range

Following the announcement that the base rate will remain unchanged in November, GMAC-RFC has also reviewed its Partners product range.

Current mainstream and self-cert discount rates will now be switched with new base rate trackers in a bid to offer more competitive rates.

Details are as follows:

Mainstream replacement tracker rates are:

• Up to 75% LTV BBR + 0.50%
• Up to 85% LTV BBR + 0.80%

The self-certification replacement trackers is

• Up to 75% LTV BBR + 0.80%

Julie Gaskin, corporate relations manager of GMAC-RFC commented: “Yesterday’s hold on the Bank of England base rate was as expected, suggesting that we are likely to have reached the peak of the current interest cycle, with most experts predicting that it will either stabilise or reduce in the coming months. As such, switching to a variable product could prove a shrewd financial move for borrowers as lenders can price more competitively.

"In the current climate borrowers who have previously opted for a fixed rate product should look to a tracker mortgages as an attractive alternative. If predictions ring true and the base rate does indeed fall to around the 5 per cent mark, customers on variable rate products could see monthly repayments drop by almost £150, resulting in considerable savings over the mortgage term.”