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GMAC-RFC cuts rates across non-conforming range

GMAC-RFC has cut rates on its non-conforming range in the same week as the Council of Mortgage Lenders ranked the outfit 14th in the UK lender market by gross mortgage lending.

The General Motors-owned lender has cut rates in 21 areas, including an extension of its 1.25% discount to August 1 2003 on all options, taking the starting rate for GMAC&#39s non-conforming range to 4.68%.

Gina Collman, head of corporate communications at GMAC-RFC, says: “Our pricing system is of benefit to both intermediaries and customers alike. Products can be tailored to suit the individual&#39s circumstances and needs, which means that customers don&#39t end up paying a rate which reflects problems they don&#39t have.”

“When you add in the 1.25% discount which applied across the whole range, we&#39re demonstrating our determination to remain the UK&#39s number one sub-prime lender.”

GMAC has also launched a 5.29% capped rate to May 1 2005, as part of its mainstream range with an initial pay rate of 4.95%. The product tracks Bank Base Rate +0.95%. Should rates rise above 5.29%, customers will not pay any more than this during the capped period.

Collman adds: “Linking our rate to Bank Base means that it follows an industry standard rather than an arbitrary rate. Our three year capped rate is completely transparent in its set-up so clients will have advantage of lower rates plus the added benefit of a no redemption tail.”

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