The Rate Control Mortgage is a one-year fixed rate, followed by a two-year discount, unusually available to both mainstream and non-conforming borrowers. The product is only available to those using GMAC-RFC’s unique automated decisioning system.
Jeff Knight, Head of Marketing Services at GMAC-RFC, says: “Nearly all experts are predicting further rate rises over the next year, then levelling off and perhaps even a reduction in rates thereafter. With our Rate Control Mortgage, clients can therefore lock-in to a market-leading rate as rates rise, then benefit afterwards with a very competitive discount as rates level or fall, in other words giving total control.”
The Rate Control Mortgages is available exclusively on-line, where an instant and binding decision can be obtained, subject only to valuation. This is unique to GMAC-RFC and is a certain decision, not the “decision in principle” that all other lenders make available. Intermediaries can perform all functions on-line: from booking funds to secure the extremely competitive rates, to booking valuations and tracking progress.
Jeff Knight continued: “We have had an amazing response to the launch of our new on-line automated decisioning system, with decisions requested quadrupling over the last four weeks. This is because our system cuts out uncertainty and saves intermediaries both time and costs. We are delighted to now be able to further enhance the offering with on-line exclusives rates.”
Product details:
Mainstream Rate Control
- 4.99% fixed until 01.09.05. Followed by 1.25% discount until 01.09.07 (discounted from SVR, currently 6.49%)
- Up to 90% LTV
- Early repayment charges during fixed/discount only – 3% in Year One, 2% Year Two, 1% Year Three
- 25% of the loan can be repaid each year, without any early repayment charge
- £495 Arrangement Fee
- 0.35% Introducer Fee
Non-conforming Rate Control
- 5.99% fixed until 01.09.05. Followed by BBR+1.49% until 01.09.07 (0.25% discount from BBR+1.74%)
- Up to 90% LTV
- Early repayment charges during fixed/discount only – 3% in Year One, 2% Year Two, 1% Year Three
- £495 Arrangement Fee
- 0.75% introducer fee
For further information on GMAC-RFC please visit www.gmacrfc.co.uk
