The first ‘through lending’ mortgage deal in the UK has been launched by GMAC-RFC in conjunction with Market Harborough Building Society.
‘Through lending’ is an established practice in the US whereby a marketing lender will promote and complete a mortgage loan before a purchasing lender acquires it on the day of completion and then services it.
The main benefit for the marketing lender, in this case GMAC-RFC, is that it can add a wider variety of deals to its range, which might otherwise fall outside its normal remit. And the purchasing lender can purchase quality assets without committing any pre-completion resources to the deal. But borrowers are guaranteed that the mortgage they choose will not be changed after the sale.
For more information contact GMAC-RFC on 01344 477477
