GMAC-RFC launches new buy-to-let mortgage

09-Jan-2007

GMAC-RFC has announced the launch of a new buy-to-let mortgage which may help first time buyers looking to bridge the gap between mortgage payments and rental income.

Offering a lower rate of interest and requiring a lower rate of rental income, GMAC's new mortgage is available to repeat investors and first time buyers, offering a base rate reduction of 0.01 per cent for the first three years before reverting to an interest rate of 0.99 per cent above the Bank of England's base rate.

Mortgages can be arranged with a loan-to-value of up to 85 per cent and is available with an arrangement fee of £1,495.

"The new [buy-to-let] product offers a solution to the property investor in the current environment where mortgages rates may rise but rental rates may not," said Jeff Knight, director of marketing at GMAC.

GMAC-RFC offers a range of mortgages including self-certification, non-conforming and mainstream options.

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