Figures released earlier this month by the Council of Mortgage Lenders revealed that GMAC-RFC is now the UK's 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's 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.