GMAC said it was sending a warning to all its competitors that it intends to remain the number one non-conforming lender and is expecting its volumes to double.
The range, available from Monday 31 January, includes a new one-year discount of 2 per cent introduced to all categories and new business rates now start from 4.61 per cent. There is no change to procuration fee arrangements.
Fixed rates are reduced by up to 1.1 per cent while a full-term tracker product is introduced with choice of rates from Base Rate plus 1.44 per cent.
GMAC has also announced its intention to become the market leader within the self-certification sector by launching a new range of products with rates starting at 5.24 per cent.
The lender has also reduced the rates across its buy-to-let range with a new three-year fixed rate available to 89 per cent LTV, a new two-year fixed rate offering free legals and free valuation for remortgages and a new five-year fixed rate which calculates the rental assessment on the pay rate, as does the tracker product.
“According to our competitor analysis, we are now the cheapest non-conforming alternative in most categories,” said Jeff Knight, head of marketing services at GMAC. “We expect our non-conforming business to accelerate away from last year’s record volumes.”
Matt Grayson, head of public relations at BM Solutions, which recently revamped its non-conforming range, said: “We’re delighted GMAC is trying to make its range more competitive as its good news for the consumer. Now we hope other lenders will follow our lead by introducing a 24-hour online service so brokers can actually access these deals when they wish.”
