GMAC-RFC is now offering an instant mortgage where the LTV on a buy-to-let mortgage is 70% or less.
There will be no rental assessment required for these deals, and the new range will be available on the full product range offering fixed, discounted and tracker schemes.
A successful automated valuation model will enable an instant mortgage offer to be produced from the packager or brokers desk.
Julie Gaskin, corporate relations manager at GMAC-RFC, says: We have combined two breakthrough developments to give the intermediary and packaging distribution market the ability to offer instant mortgage offers now on buy-to-let up to 70% LTV.
Offering an instant offer means that the professional landlord who knows exactly what they want and how the process works has to spend less time chasing and waiting for their mortgage offer.
“From feedback from brokers, we believe this will be very well received, especially for remortgage cases and clients who have the larger deposits.
We anticipate there will be other lenders jumping onto this very soon as excellent service is crucial to keep up to the pace and demands that borrowers are expecting.