As a means of putting its money where its mouth is, it has launched an exciting new range of self cert products with rates starting at just 5.20%.
Within the range there is a choice of 2 and 3 year fixed rates plus a 2 year discounted rates and an innovative 1 year fixed/2 year discounted rate combination. In addition to the rate reduction, GMAC-RFC has enhanced its income multiples.
Jeff Knight, Head of Marketing Services at GMAC-RFC, says: "GMAC-RFC is already the market leader in the non-conforming sector and we are looking to replicate this position within the self cert market too."
"We have a simple proposition that continues to see our business grow — to consistently offer attractive mortgages for everyone through a fast, automated and easy process. This means that when it comes to self cert, intermediaries can be sure that we will always have market leading products. Moreover, our on-line decisioning system offers greater certainty for intermediaries within this important sector. Our on-line system is unique as it offers decisions that are binding, so intermediaries can forget old-fashioned DIPs. With GMAC-RFC intermediaries can be certain that an offer will come quicker and that more cases will complete, which means increased sales and profit for the intermediary with less resource commitment."
Product Highlights
* A competitive range of rates:
Discounted rates starting at 5.20%
Unique rate control mortgage combination: (5.29% fixed until 1st April 2006 followed by a 0.5% discount until 1st April 2008)
Fixed rates starting at 5.25%
Loans up to 90% LTV (FTBs 85%)
* Available to the employed and self employed
* £495 arrangement fee
* Early repayment charges apply during fixed/discount rate period only
* Min age 21, max 75 at end of term
* Min loan £25,000, max £500,000
* Income multiples: 3.75 + 1 or 2.8 x joint up to 75% LTV; 3.3 + 1 or 2.75 x joint to 90% LTV
* An on-line automated decisioning system allows a binding decision on all these products
