GMAC-RFC enhances its buy-to-let range

Amanda Jarvis

February 1, 2005

– GMAC Residential Funding has reduced its rates across its buy to let range
– New two, three and five year fixed rates launched
– The new three year fixed rate allows loans up to 89% LTV – new and not available from any other lender
– The new two year fixed rate has free legals and £250 cashback for remortgages
– Binding decisions can be obtained on-line for all products

Jeff Knight, head of marketing services at GMAC-RFC commented: “Intermediaries looking for a buy to let for their client now need look no further than GMAC Residential Funding. The breadth of our product range, with discounts trackers and fixes, combined with the rates themselves and the extras such as virtually cost free remortgages and loans to 89% LTV make this the best buy to let product range around. 

“And the icing on the cake for intermediaries is our unique on-line decisioning system, which can be the difference between securing a buy to let property and losing it. We are the only lender that gives instant, binding decisions on all products at point of sale, in a matter of seconds. So intermediaries can forget old-fashioned DIPs – this is the real thing, delivering certainty, higher completion rates and less work for intermediaries.”

Key features include:
– Rates in all lending categories reduced
– New 3 year fixed rate with loans available to 89% LTV which calculates the rental assessment on the pay rate
– New 2 year fixed rate offering free legals and £250 cashback for remortgages
– New 5 year fixed rate which calculates the rental assessment on the pay rate, as does the Tracker rate
– There are no upfront paperwork or references required
– No minimum income requirements
– Binding decisions available across all products – on-line

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