GMAC-RFC replaces discounts with tracker rates


GMAC-RFC has replaced its non-conforming and buy-to-let discount ranges with BBR (bank base rate) trackers it was announced today.

The lender says it has made the move in response to expected interest rate cuts in the next few months. GMAC-RFC has reviewed its partners and intermediaries product range to reflect growing expectations of a Bank of England rate cut, with the base rate likely to drop by between 0.5% and 0.75% by the end of 2008. GMAC-RFC is also launching revised mainstream and self-cert ranges for intermediaries. The lender says intermediaries and packagers should consider trackers over fixed rate deals in the current market climate as many are cheaper than fixed rates at present and are likely to fall...

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