Continuing its strategy as an all-status lender, providing mortgages for everyone, GMAC Residential Funding today launches a range of three competitive new products for both mainstream and non-conforming borrowers.
Full Term Buy-to-let tracker mortgage* based on the Bank Base Rate (BBR)
This product has now been significantly enhanced by allowing the rental affordability calculation to be based on the actual pay rate. At Bank Base Rate + 0.74% to 75% loan to value with a pay rate of 4.49%, and Bank Base Rate + 1.24% to 85% loan to value with a pay rate of 4.99%, this will allow even more customers to take advantage of this generous offer.
Peter Stimson, Head of Product Development at GMAC Residential Funding says:
"With rates under 5%, and with a very generous rental affordability assessment, clients would be hard pushed to find a better deal. This offers exceptional affordability for the full term, and all that is needed to apply is an application form and fee".
'Star'- No income stated mortgage- 2 year "no tail" discount
The GMAC Residential Funding "no income" stated product is now available as a 2 year "no tail" discount, and with rates from just 4.40%, this product offers a fantastic combination of rate and criteria for customers unable to prove their income. An added benefit is up to 25% penalty free partial repayment in a 12 month period.
Sub-prime 2 year fixed rate with "no tail"
This market leading sub prime product has been improved further by extending the end date and enhancing the introducer renumeration. With rates from just 5.45%, now until 1st Setember 2005 and a generous introducer payment of 0.75%, it also offers a no redemption tail.
Peter Stimson says: "For customers with credit difficulties, these products offer an ideal solution with rates lower than most lender's standard variable rates, and freedom to review their options in 2 year's time, when their credit situation may be repaired".
Intermediaries can find out more by calling the GMAC Residential Funding Intermediary Helpline on 01344 477 477.
