GMAC-RFC launches buy-to-let range

The highly competitive products reflect GMAC-RFC's goal of being a major lender across all sectors of the market.

Jeff Knight, Head of Marketing Services at GMAC-RFC, says: "Buying to let remains an important long term investment vehicle for many people, either for those buying to let for the first time or those looking to expand their current portfolios. Despite many doom and gloom predictions, research* carried out on behalf of GMAC-RFC clearly shows that consumers still have a massive appetite for property investment, with nearly half (46%) of those questioned considering it to be the best kind of investment available.

With our new range, customers can now benefit from the same market leading criteria but at even lower rates. With rates now starting from just 5.59%, we're offering a choice of fixed, discounted and tracker options to cater for the differing needs of our clients

"What's more, intermediaries can now enhance their service proposition by obtaining an online decision that is binding, subject only to valuation. This provides certainty at the point of sale and also means an offer is generated some 30% faster. Great news for intermediaries; great news for their clients." continues Knight.

2 year BTL discount

- 1.15% disc to 75% LTV (pay rate of 5.59%) to 01.01.07

- 0.75% disc to 85% LTV (pay rate of 5.99%) to 01.01.07

- £495 arrangement fee

- Early repayment charges of 3% in disc period, nil thereafter

- Introducer fee of 0.50%

Buy to let fix

- 5.79%to 75% LTV to 01.01.07

- 6.19% to 85% LTV to 01.01.07

- £495 arrangement fee

- Early repayment charges of 3% in fixed rate period, nil thereafter

- Introducer fee of 0.50%

Buy to let tracker

- BBR + 0.99% to 75% LTV (pay rate of 5.76%)

- BBR + 1.39% to 85% LTV

- ERC's of 4/3/2% in first three years only, nil thereafter

- £495 arrangement fee

- Introducer fee of 0.50%

Key Criteria

Affordability is based on 125% of the rental assessment at the SVR on fixed and discounted products and the pay rate on the tracker products

Up to 25 properties per landlord allowed up to a combined value of £3 million