As the specialist market tightens, GMAC has chosen to give exclusive two-year trackers to its packager partners and top three corporate accounts, Openwork, Premier Mortgage Service, and Sesame.
The packager partners’ deal is set at Bank Base Rate (BBR) plus 0.19 per cent, giving a rate of 5.94 per cent. It has a £695 arrangement fee and free legals for purchase and remortgage.
The first corporate accounts deal has a rate of BBR plus 0.14 per cent, with a current rate of 5.89 per cent, up to 85 per cent loan-to-value (LTV) for purchase and remortgage. There is a £595 arrangement fee and remortgagers can choose between no application fee and free legals or no application fee and £100 cashback.
The second deal is a fees-free remortgage deal set at Base Rate plus 0.54 per cent, with a current rate of 6.29 per cent. All deals have early repayment charges of 2 per cent in the first two years.
Julie Gaskin, corporate relations manager for GMAC, said: “There is a limited tranche of funding, so brokers will have to book quickly. We haven’t done exclusives for a while and we wanted to do something different. We want to give our partners something they can sell.”
Alan Lakey, partner at Highclere Financial Services, commented: “It’s unusual to have free legals on purchase and will give GMAC an edge. There’s a lot to be said for stepping back from non-conforming, as it’s going to be easier for GMAC to sell on its mortgage books if it doesn’t contain adverse.”
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