GMAC-RFC slashes rates

GMAC-RFC has slashed the rates across its fixed rate product range.

It has reduced rates by 10 and 31 basis points on its mainstream and self-cert fixed rate ranges.

GMAC-RFC has also reduced the buy-to-let products between 20 and 35 basis points still offering the choice of rental incomes starting from 100% of payrate with a interest rate of 5.24%.

Julie Gaskin, corporate relations manager at GMAC-RFC, says: “We recognise that two-year fixed rates still remain the most popular so we know the reductions will be welcomed.

“With the new LTV break, more people will benefit from a competitive rate at the top end rather than having to pay a slightly higher interest rate.

“Where loan sizes are above £200,000, the broker would do best to recommend the new low fix rate as the consumer will be financially better off than the core product.

“For areas where the loan sizes are lower such as the North of the country and Wales, it would be more advantage for them to take the core product.”

“We have listened to what our brokers have had to say and recognise that there are distinct regional differences and so therefore we need to be able to offer a wider choice as we know, one shoe certainly does not fit all.”