Stephen Knight, executive chairman of GMAC-RFC, said: "We are delighted to be partnering with Leeds & Holbeck Building Society, an innovative organisation with an appetite to fund products which are extremely consumer and intermediary friendly."
As part of the deal L&H has released two new products, a five-year fixed rate buy-to-let, and a capped rate tracker mortgage.
The five-year fix has an initial rate of either 5.79 per cent up to 75 per cent loan-to-value (LTV) or 5.99 per cent up to 85 per cent LTV. The ‘tracker cap’ charges Bank base rate plus 0.95 per cent for the first three years on loans of up to 90 per cent LTV, although the rate is capped at 5.29 per cent for the duration of the initial period.
Ian Ward, chief executive of L&H, said: "We are very pleased to be involved in this arrangement with GMAC-RFC and see through lending as an effective additional channel to support our objectives with the intermediary marketplace."
