GMAC-RFC buy-to-let mortgage lending up
www.moneynews.co.uk > Mortgages > GMAC-RFC buy-to-let mortgage lending up
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Money News |
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GMAC-RFC buy-to-let mortgage lending up
Thu 21st Sep 2006
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Since the first half of 2005, the company's market share has grown by 37 per cent. This is in line with new records being set for buy-to-let borrowing in general, reports the Council of Mortgage Lenders.
GMAC-RFC's product development manager, David Dawkins, said: "This expansion is in large testament to our changes made to simplify out buy-to-let range earlier this year. We also know that this increase is also down to our superior technology and first class service."
The strength of GMAC-RFC buy-to-let mortgage criteria, which includes flexible rental assessment to 100 per cent, is likely to have driven growth.
"We expect to see the buy-to-let sector continue to grow in the second half of 2006," added Mr Dawkins.
The Bank of England reported a new record in mortgage lending last month, rising to £32.4 billion despite the 0.25 per cent increase in the bank's base rate.
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