Its new range covers all product areas - from mainstream and buy-to-let, to non-conforming, and the unique STAR product for self cert clients.
Spotlight on STAR
The 'STAR' product has been growing in popularity and as a result of demand the range has been widened to appeal to more clients. It attracts those borrowers who would normally self certify their income. This is in part due to its competitive rates, but its key differential advantage is that no income details are required.
Jeff Knight, Head of Marketing Services, says: "More and more intermediaries are realising the benefits of our unique STAR product. In the first six months of the year alone we saw a 69% increase in completions, compared with the same period in 2002. Whilst we always offer competitive rates it is the fact that we do not request any income details that is the key differentiator. This effectively takes self cert to a new level."
"Anecdotal evidence suggests that intermediaries are becoming increasingly concerned about stating an income on certain self cert cases, particularly with regulation on the horizon. We are not implying income details are falsified, it's that intermediaries fear that it could be misinterpreted that way, when the reality is that many clients find it difficult to determine what income to write down because either it varies over time and/or is very hard to calculate because it is generated from many different sources."
The full range
GMAC Residential Funding is also introducing a new mainstream fixed rate at 3.95% and a range of buy-to-let options from 4.49% to suit every differing requirement with both tracker and discount rates. There is also a range of 'no tail' fixed rates for the non-conforming market.
New STAR product range
* STAR 2 year 'no tail' discount till 01.01.06
o 4.24 / 4.49 / 4.99% pay rate to 75 / 85 / 90% LTV
* STAR 1 year discount till 01.01.05
o 3.99 / 4.49 / 4.99% pay rate to 75 / 85 / 90% LTV
* STAR fixed rate till 01.01.06
o 4.95% to 85% LTV
Additional product ranges
Mainstream
* Mainstream 2 year fixed rate till 01.01.06
o 3.95% to 95% LTV
* Mainstream buy-to-let 2 year fixed rate till 01.01.06
o 4.95 / 5.20% to 75 / 85% LTV
Buy to Let
* Buy-to-let discount till 01.01.06
o 4.49 / 4.74% pay rate to 75 / 85% LTV
* Buy-to-let tracker
o 4.24 to 75% LTV, tracking BBR + 0.74%
o 4.74 to 85% LTV, tracking BBR + 1.24%
Non conforming
* 'No tail' fixed rate till 01.01.06
o 5.45/5.55% to 90/85% LTV- status
o 5.75/5.95% to 85% LTV - self cert
Non conforming menu - rates from 4.19%
