GMAC-RFC had previously been a minority shareholder in High Street Home Loans’ parent company.
Following the acquisition, High Street Home Loans (HSHL) will continue as a separate trading style, headed by Gary Forrest, with the corporate entities themselves being dissolved. HSHL will offer a separate and distinct product range to its customer base.
"This acquisition continues our strategy of building business through partnerships, and we welcome Gary and his team as part of our exciting UK proposition," said Stephen Knight, Executive chairman of GMAC-RFC.
"Many of the top mortgage lenders in the UK have several different brands, each with its own proposition, that are jostling against each other at the same time, and in the same market place, and HSHL will become one of our brands," continued Knight.
"We are delighted to be able to continue our strategy of developing our own product range in partnership with our customers, whilst having the backing of one of the world's largest financial institutions", said Gary Forrest, who has been appointed Director of HSHL Division within GMAC-RFC.
