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A GMAC remortgage allowed even those with poor credit to gain access to competitive remortgage rates. GMAC Residential Funding sourced its business through independent financial advisers – which enabled it to offer some of the most competitive remortgage rates on the market. A National Guarantee division provided specialist advice and solutions to those who have suffered poor credit history in the past.
GMAC Residential Funding was owned by General Motors. The company was the UK’s 10th largest mortgage lender, and a market leader in sub-prime products. GMAC employed more than 700 staff in its Berkshire head office; in 2005 it completed £6.9 billion in mortgage loans.
GMAC received the maximum 5-star rating in the 2006 Financial Adviser Services Awards. That year, it was also voted ‘Top Innovator’ by the Mortgage Finance Gazette.
Benefits of a GMAC remortgage included:
- Ease the strain of monthly repayments with better terms or a flexible deal
- Repair a history of mortgage arrears and poor credit ratings
- Avoid moving home by freeing up capital for improvements or an extension
- Consolidate debts from cards and loans
What is a remortgage?
A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:
- Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
- Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.
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