No rental assessment is required and the offer will be available on two and three-year fixed rates, two-year discounted rates and two-year tracker schemes. Rates start from 5.24 per cent on the direct intermediary range, with a maximum loan size of £250,000 and an arrangement fee of £1,495.
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Brokers can obtain a decision and then complete the application form. A successful automated valuation will allow an instant mortgage offer to be produced from the packager or broker’s desk.
The lender said the service would benefit professional landlords due to the deposit amount, as many had existing tenants and therefore did not require a survey to clarify how much rent they could achieve.
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Julie Gaskin, corporate relations manager at GMAC-RFC, said: “Offering an instant offer means that the professional landlord, who knows exactly what they want and how the process works, has to spend less time chasing and waiting for their mortgage offer. From feedback from brokers, we believe this will be very well received.”
Ashley Clark, director of Need An Adviser.com, commented: “This has been pitched right on the mark. This will set the trend and others will play catch up.”
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