In addition to slashing its rates, GMAC-RFC has increased its maximum loan size, enhanced the maximum LTV on its fixed and discounted “boxed options” and introduced a range of full term base-rate linked trackers at mainstream pricing. A remortgage only facility offering free legals and free valuation has been added.
With aggressive pricing and more competitive criteria, GMAC-RFC believe they have the most competitive products in the market – and will ensure that GMAC-RFC retain their position as number one non-conforming mortgage lender.
“According to our competitor analysis, we are now the cheapest non-conforming alternative in most categories”, said Jeff Knight, Head of Marketing Services. “With the best rates, backed by the best service and an award winning on-line decisioning system, we expect our non-conforming business to accelerate away from last year’s record volumes.
“We are the only lender that gives instant, binding decisions on all products (forget DIPs – this is the real thing) so intermediaries using us will be able to sell more competitive products for less resource commitment leading to increased business and profits for all, particularly the consumer”.
A fuller description of the new product range is contained it in the attached pdf, but the key points include:
Menu Range
- Rates in all lending categories reduced, in some examples by up to 1.25%
- New one year discount of 2% introduced to all categories – new business rates now start from just 4.61%
- No change to procuration fee arrangements
Boxed Range
- Fixed rates reduced by up to 1.1%
- Full term tracker product introduced with choice of rates from Base + 1.44% (near to mainstream pricing
- Loans now available to 95% LTV
- No early repayment charge ‘tails’
- Remortgage only option with free valuation and free legals worth over £600 to the average borrower
- Maximum loan now £500,000
- Right to buy available (including a self cert option)
- Binding decisions available across all products – on-line
