GMAC-RFC Buy-to-Let Mortgages changed
www.moneynews.co.uk > Mortgages > GMAC-RFC Buy-to-Let Mortgages changed
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Money News |
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GMAC-RFC Buy-to-Let Mortgages changed
Tue 14th Feb 2006
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This change is in response to research carried out among the company's intermediaries and is part of a move by the firm to "open up its criteria to an expanding market".
Rental assessments across the range of GMAC-RFC Buy-to-Let Mortgages have also been extended.
A choice of three assessments – 100, 110 and 125 per cent of the Bank of England base rate plus one per cent – is now available.
Director of marketing at GMAC-RFC Jeff Knight said: "Following our research into buy-to-let, we found that larger LTVs and improved rental assessments were key factors in driving today's buy-to-let market."
An extension to the GMAC-RFC Buy-to-Let Mortgages range to allow letting to local authority tenants was also announced, as well as a reduction to 75 per cent LTV for homes located above commercial premises.
GMAC-RFC is the tenth largest mortgage lender in the UK and is a subsidiary of the General Motors company.
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