GMAC launches new self-cert products

There is a choice of 2 year fixed and 2 year discounted rates, plus a 1 year fixed/2 year discounted rate option. Rates start at just 5.45% with loans available to 90% LTV (85% for first time buyers).

Jeff Knight, Head of Marketing Services at GMAC-RFC, says: "GMAC-RFC is already the market leader in the non-conforming sector and we are looking to replicate this position within the self cert market. For intermediaries, the timing of this launch is important too because whilst we are extending our range, other lenders are withdrawing or making their products less competitive. Intermediaries know that they can trust us and our on-line automated decisioning system takes away a lot of the strain. This is just one more example of how we continue to fulfil the needs of the mortgage industry."

Product Highlights

Range of rates:

Fixed rates starting at 5.89%

Discounted rates starting at 5.45%

Rate control (5.49% fixed until 01.10.05 followed by a 0.5% discount until 01.10.07)

Loans up to 90% LTV (FTBs 85%)

Available to the employed and self employed

£495 arrangement fee

Early repayment charges apply during fixed/discount rate period only

Min age 21, max 75 at end of term

Min loan £25,000, max £500,000

Income multiples: 3.5 + 1 or 2.8 x joint up to 75% LTV; 3.25 + 1 or 2.6 x joint to 90% LTV

An online automated decisioning system allows a binding decision on all these products