As well as enhancing the LTV, GMAC-RFC has also extended its rental assessments across the range. All buy-to-let products have the choice of three rental assessments 100 per cent, 110 per cent and 125 per cent of base rate + 1.00 per cent. This move will help those in areas where the rental yield is low.
The lender has also extended its mortgage range to include letting to Local Authority tenants. In addition, to this flats located above commercial premises can now be accepted to 75 per cent LTV regardless of commercial property type.
Jeff Knight, director of marketing at GMAC-RFC said: “Following our research into buy-to-let, we found that larger LTVs and improved rental assessments were key factors in driving todays buy-to-let market. We are simply responding to the needs of brokers and their clients and want to increase our share of this important sector”
