The lender believes the product sends out clear signals regarding its appetite for market share and claims it is one of the most competitive products of its type available from an intermediary-focused lender.
Announcing why it had reduced its mainstream fixed rates shortly after a base rate increase, Simon Knight, recently appointed chief executive of GMAC-RFC, said:
“We have made this dramatic move for three key reasons:
- First, to offer consumers fixed rate protection in a rising rate market at rates significantly cheaper than the market average;
- Second, as a reminder that GMAC-RFC attaches equal importance to mainstream and specialist lending; and
- Third, to put the wider market on notice that it can expect a continuation of fierce, but fair, competition from GMAC-RFC under my leadership.”
“We have generated almost £30bn in mortgage decisions in the six months since we launched POSO. Intermediaries have discovered that certainty, over-delivering on customer expectations and massive savings on their processing costs and time have been a real win, win, win. With this exciting new product, their experience will only be enhanced.” concluded Knight.
