The lender has said it believes these enhancements are a further step in positioning itself as the leading non-conforming and self-cert provider.
In its non-conforming range, GMAC said it has removed the normal complexities of the non-conforming market by reducing its fixed rates.
Its near prime status two-year fix now stands at 5.79 per cent to 95 per cent LTV; its near-prime self-cert two-year fix is now 5.99 per cent to 90 per cent LTV; and its non-conforming buy-to-let near-prime two-year fix is now 6.74 per cent to 80 per cent LTV.
The lender has also reduced its self-cert rates available to the employed and self-employed. Highlights include a reduction in the two-year discount rate to 4.95 per cent to 75 per cent LTV and 5.25 per cent to 90 per cent LTV discounted until 1 January 2008.
Discounted rates include free legals and no application fee or a £350 cashback on remortgages. A £350 cashback is also available on purchases. The two-year fixed rates are fixed until 1 January 2008 at 4.95 per cent to 75 per cent LTV and 5.25 per cent to 90 per cent LTV.
Jeff Knight, head of marketing services at GMAC-RFC, said: “Our new self-cert rate is one of the lowest in the market. This is very competitive and we want to inflict more pain on the competition – many of whom are already wounded from a slower market in 2005.”
Clare Mortimer, press officer at BM Solutions, said: “It is nice to see that GMAC realises the need for competitive products in order to succeed. However, I am not sure this is a new concept."
