From Julie Gaskin
I enjoyed reading the article ‘GMAC-RFC hits back at its B2L critics’ (Mortgage Strategy January 15) and couldn’t stop laughing.
I would like to respond to a couple of points raised in this article. First, this product was designed on the back of research and the only feedback I have received has been positive.
Second, people seem to underestimate the intellectual ability and needs of buy-to-let borrowers. The product referred to is one basis point below the base rate for three years followed by a base rate tracker at plus 0.99% for two years with a rental income of 100% of pay rate.
We have had a significant number of applications. It’s amazing the results that can be achieved when you offer brokers something they have asked for that addresses the rental income gap landlords are facing.
We’re delighted other lenders will not follow us as this means we will have a bigger presence in buy-to-let.
Corporate relations manager