GMAC-RFC has launched a cascade service covering mortgages in the mainstream, self-cert, buy-to-let and sub-prime sectors.Research by the lender suggests some 15% of mainstream deals and 20% of self-cert mortgage applications are initially declined. A quarter of mainstream declines and one-third of self-cert declines are due to adverse credit, highlighting the need for a product range midway between mainstream and sub-prime. This means brokers and therefore consumers have a wider range of options and don’t simply fall straight into the sub-prime category. GMAC-RFC says it has introduced cascaded products on mainstream and self-cert to provide a bridge between these and sub-prime, giving clients a better chance of the deal completing with no complications. Jeff Knight, head of marketing services at GMAC-RFC, says: “Our cascade system offers an unprecedented service to brokers. Saving time is one of the most valuable benefits a lender can provide its intermediaries. Our research shows there is a need for the cascade service across all product types and we have moved to meet that need. “This is something intermediaries have asked for, with 42% saying it would be a huge help as regards saving time when searching for alternative lenders or products. “Another 53% felt it would be useful as long as there was a suitable alternative product offered. We can now offer that.”
The Office of the Deputy Prime Minister says August house prices rose 2.8% over a year ago, compared with a rise of 4% in July. This pace of house price inflation is the slowest in over nine years since a rise of 1.1% was seen in Q2 1996.
In response to the increasing demand for Spanish holiday or second homes for retirement or permanent residence, Leeds has launched its first ever Euro mortgage. The lifetime Euribor tracker plus 1% is available to UK residents, UK expatriates and Gibraltarians looking to purchase a property on the Costa del Sol in Spain. Jeff Kirk, corporate […]
With just one week to go until the annual MBA convention and expo, the largest gathering of mortgage bankers in the US, Paul Muolo says the good time for the US mortgage market could soon come to an end following the impact of Hurricane Katrina
New information from the Office of the Deputy Prime Minister provides evidence that the private rented sector continues to grow steadily, with households under 30 responsible in part for this growth.Provisional findings from the Survey of English Housing, due to be published in full in 2006, show that the proportion of households that are privately […]
Amid stuttering growth and political uncertainty, we look for companies that should thrive regardless, Mark Page, manager of Artemis European Opportunities Fund, tells Ross Leckie. Clear here to read article
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