GMAC-RFC has replaced its mainstream and self-cert discount rate mortgages with new base rate trackers it was announced today.
The lender says the changes have been made in response to the Bank of England’s decision to hold interest rates at 5.75%. Mainstream discount rate deals will now track the Bank of England base rate at +0.5% for 75% LTV loans and +0.8% for 85% LTV loans. GMAC-RFC’s self-cert discount rate has been replaced by a tracker mortgage, capable of lending up to 75% LTV at BBR +0.8%. GMAC-RFC says now is a good time to look at tracker rates as the Bank of England is expected to lower rates in the coming months, with many analysts expecting further reductions through 2008. Julie Gaskin, corporate ...
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