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GMAC-RFC aims to be top 10 lender

Figures released earlier this month by the Council of Mortgage Lenders revealed that GMAC-RFC is now the UK&#39s 13th largest lender with a 1.8% market share, just behind Bristol & West and Bradford & Bingley.

GMAC-RFC head of marketing services Jeff Knight says: “We will reach the top 10 in one or two years. If you look at the top 10 lenders now they all have a direct offering and we will looking to develop one in the future.”

He says this could be done by creating something like GMAC-RFC Direct but no decisions have been made. The lender says its online mortgage system has been a success and that three months after its national launch, 20,000 point-of-sale decisions have already been made.

It is also confident that contrary to popular opinion buy-to-let, one of its lending sectors, is still booming. The lender&#39s research reveals that almost half of those questioned still consider property to be the best form of investment in the current financial climate. This compares with just 14% plumping for the security of a building society and 6% opting for stocks and shares. It also found that if British people had a windfall of £15,000, half would put it straight into property.


Number of loans falls in July

The CML in its latest market briefing says that even with continued signs of a cooling in the housing market, there is still the possibility of a renewed surge, early next year. It says: “The housing market is so strongly influenced by confidence. Firstly, the BOE may take its foot off the brake too soon, […]

Packager merger forms AMF One Stop Mortgages

The firm will offer whole of market packaging in both the conforming and non-conforming sector to directly authorised intermediaries come November 1. Andy Soteriou, currently managing director of Ambassador Finance, will head the new company as managing director with AMF London&#39s managing director Helen Hymos as director. Soteriou says: “It seems an obvious step to […]

Goldsmith Williams establishes Right to Buy team

With future trends in house prices remaining uncertain, recent months have seen a rise in the number of people purchasing their council houses. Goldsmith Williams has responded to this demand by introducing a right to buy product, allowing mortgage brokers to offer their clients specific benefits, which include, competitive fixed fee products , online case […]

Kingsland launches starter pack for small mortgage brokers

The pack consists of an instruction pack, compliance manual, training and competence manual and all standard documentation required for dealing with the regulatory bodies. Karen Monaghan, managing director of Kingsland, says: “It is now possible for the smaller intermediary to have access to the most up to date information to prepare for Mortgage Day and […]


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