GMAC-RFC has extended its product range to include a buy-to-let product starting at 5.39 per cent for a two-year fix.
The lender has also launched a ‘Partners’ two-year fixed rate, starting from 5.79 per cent up to 75 per cent loan-to-value (LTV) or 5.99 per cent for above 75 per cent LTV. The deals offer a choice of rental calculation of 100, 110 or 125 per cent.
Non-conforming fixed rates have also been reduced, with its 95 per cent LTV level one status product starting from 5.69 per cent for a two-year fix.
Roger Brown, director of distribution at GMAC-RFC Partners, said: “We have to work very closely with our distributor partners and listen to their feedback. They have asked for products that offer choice and, of course, they have to be competitive which is why we have had a review and substantially reduced most of our fixed rates.
“We remain strong on our 95 per cent LTV self-cert product, which is exclusive to our ‘Partners’. I’m very excited about the new launch and anticipate getting some positive feedback.”
Terry Chamberlain, director at Finance and Mortgages Solutions, said: “These are competitive rates and will bring GMAC-RFC to the top end of the tables. It was a bit out of line compared to other lenders when it came to rates, so these rates will bring it back in sync.”
