GMAC RFC has announced the launch of a new fixed-rate mortgage aimed at borrowers in the mainstream market.
The two-year fixed-rate product is available until 1 January 2003 at 5.49% up to 75% LTV, and 5.69% to 95% LTV. It is penalty free and there are no compulsory insurances.
Income multiples are 3.75% plus one or 3 times joint, and references are not required if introducers can supply a P60 or payslips up front.
GMAC RFC is recognised in the UK as a niche, non-conforming lender and this is the first time it has competed with mainstream lenders.
The mortgage rates place the product at the top end of the mainstream market and it matches the terms offered by the best mainstream lenders.
Geena Collman, corporate communications manager at GMAC RFC, said: “The launch marks the start of our long-term strategy to become a creator and trader of mortgages throughout the whole of the UK market. This is our first mainstream product to be made available through our packager network to all UK intermediaries.”
“We will still continue to offer niche products but we feel that it will enhance us going forward if we have a sensible spread of products. We will be watching the success of this product closely and if it does well then we will be introducing more mainstream products in the future,” said Collman.
The product carries a procuration fee of 0.35%.