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GMAC-RFC boosts buy-to-let range

Amanda Jarvis

February 14, 2006

-GMAC-RFC offers up to 89% LTV available on purchases only.

-GMAC-RFC also extends its rental assessment across the range following research amongst its intermediaries
 
GMAC-RFC has enhancedto its Buy to Let range, following research amongst its intermediaries. The lender’s move to make its range of Buy to Let products available up to 89% LTV, is part of a wider shift to open up its criteria to an expanding market and meet the ever increasing demand in the Buy to Let sector.

As well as enhancing the loan to value, GMAC-RFC has also extended its rental assessments across the range. All Buy to Let products have the choice of 3 rental assessments -100%, 110% and 125% of BBR + 1.00%. This move will help those in areas where the rental yield is low. What’s more there’s an easy to use calculator on-line at gmacrfc.co.uk which will save time.

Buy To Let and Non – Conforming Buy to Let
GMAC-RFC’s Buy to Let range has been extended to include letting to Local Authority tenants. In addition, to this flats located above commercial premises can now be accepted to 75% LTV regardless of commercial property type. The reduction in the LTV allows more candidates to fall within this minimum value bracket.

Jeff Knight, director of marketing at GMAC-RFC said: “These changes will simplify our range and make Buy to Let available for even more investors. Following our research into Buy to Let, we found that larger LTVs and improved rental assessments were key factors in driving today’s Buy to Let market. We are simply responding to the needs of brokers and their clients and want to increase out share of this important sector”


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