This is third initiative that has been launched between the two lenders using this funding technique, where GMAC-RFC markets the product, and Market Harborough Building Society acquires the mortgage assets the day after completion.
The new GMAC-RFC product, The Stepped Lifetime Discount Mortgage is to be marketed via intermediaries on a semi-exclusive basis, at a rate of 2.99% for the first year - a discount of 2.50% from GMAC-RFC's competitive SVR.
A discount of 1.50% is offered in the second year, and a 1% discount thereafter for the lifetime of the mortgage. A cashback of £350 is offered to all customers, and there is no application fee on remortgages up to £300,000.
Philip Dearing, Chief Executive, Market Harborough Building Society says:
"We are pleased to be working with GMAC-RFC again, as the previous "Through Lending" transactions delivered exactly what was promised - easy administration, high quality business, satisfied customers and full tranche utilisation."
Barry Searle, Commercial Director, GMAC-RFC says:
"When we pioneered through lending in the UK three years ago, Market Harborough Building Society was our first partner, and like other lenders, has reaped the rewards of this technique. We are seeing growth in this area of funding, which brings benefits to intermediaries, customers and lenders alike".
