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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.”


Global Home Loans appoints chief operating officer

Third-party mortgage administrator, Global Home Loands, has appointed Simon Hinshelwood as chief operating officer. Hinshelwood&#39s background includes 10 years in Australia, most recently as chief operating officer of Aussie Home Loans, as well as 13 years spent at Arthur Andersen, both in the UK and as a partner in Sydney. Kevin Meyers, Global Home Loans&#39 […]

Abbey bias accusation

Brokers have accused Abbey National of prioritising mortgage applications that have the bank&#39s own add-on insurance policies attached.One broker, who asked to remain anonymous, claims: “Abbey National are prioritising anything that has general cover connected to it. When business comes to it with these policies filled out, it gets looked at before business that doesn&#39t […]

New head of sales appointment at Bristol & West

Hilton Baker has been appointed as acting head of sales for Bristol & West Mortgages. Baker has worked for Bristol & West for most of his career, specialising in mortgages. After managing many of Bristol & West&#39s biggest branches he became an area manager in 1992 and regional manager, mortgages for South West in 1996. […]

Financial Ombudsman Service publishes annual review

In its new annual review, the Financial Ombudsman Service reports a 38% increase in the number of consumer finance disputes it has settled this year – with mortgage complaints rising and some types of insurance complaints falling. The review includes statistics and commentary from the Financial Ombudsman Service – the organisation that provides consumers with […]

Finance is only one hurdle for small developers

The housebuilding market in its current form simply isn’t working. We are completely over-reliant on the biggest players in the industry – the largest nine are responsible for more than 50 per cent of the new homes built in the UK. But there is a reluctance to do more, particularly in this uncertain post-Brexit world. And with […]


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