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New tracker rate mortgages from GMAC-RFC

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One of the top mortgage lenders in the UK, GMAC-RFC has launched a new base rate tracker mortgages to replace their standard and self-cert discount rate mortgage . The news followed the Bank of England decision to maintain the base rate.

The new mortgage loan will track Bank of England base rate, and is available up to 75 per cent loan to value. GMAC-RFC were clear in their advice that now was the time to consider a tracker mortgage, due to forecasts of lower interest rates in the next six months.

Many mortgage market analysts expect that the monetary policy committee will reduce interest rates even further during 2008. The corporate relations manager at GMAC-RFC, Julie Gaskin reportedly commented: In the current climate borrowers who have previously opted for a fixed rate product should look to a tracker mortgages as an attractive alternative. If predictions ring true and the base rate does indeed fall to around the 5% mark, customers on variable rate products could see monthly repayments drop by almost �150, resulting in considerable savings over the mortgage term.

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