OPENWORK
GMAC RFC
Eastern Gate
Brants Bridge
Bracknell 
Berkshire
RG12 9BZ

Tel: 0844 770 8000 

Fax: 0844 770 8010

ACCEPTABLE INTRODUCERS
    Openwork Only

SERVICE/PROC PAYMENTS
    See Individual Packagers 

BROKER PACKAGING REQUIREMENTS
    Applications can be submitted direct by Broker
    or packagers.

SOLICITORS
    Minimum 2 Partners & Must be in the Law Society Book



  

   
  
    Employed |: Must have 12 months employment history
             |: Fast Track up to 95% LTV. Proof of income may not be 
             |: required on every case. Where proof is required, income 
             |: should be evidenced by P60 and 3 payslips or employment 
             |: reference. NO minimum time in current employment, even if 
             |: on probation period.
    Self Emp |: Minimum trading period of 12 months prior to application. 
             |: For non conforming self cert, minimum trading period of 6 
             |: months applies. 

    Fast Track up to 95% LTV. Proof of income may not be required on every 
    case. Where proof is required, income should be evidenced by 
    accountants certificate, or last years audited accounts. For all 
    other cases a telephone check to the accountant or bookkeeper will be 
    made. (Bookkeepers not acceptable for loans above 250,000)

    DEFINITION OF INCOME   
    100% of basic salary, weighting allowance, mortgage subsidy, housing 
    allowance, shift allowances or payments. 100% of overtime, 
    service/occupational/disability pension if confirmed with documentary 
    evidence, regular overtime, bonus, commission. 100% of second income 
    providing it is permanent and the applicant has been in receipt for 6 
    months. Only one second income per applicant allowed. Disability 
    benefits, carers allowance, widows pension, service pension, working 
    family tax credits and maintenance acceptable. State benefits are only 
    acceptable if they are not reviewed more frequently than once a year. 
    Applicants solely in receipt of benefits will not be considered.


  

   

    ACCEPTABLE PURPOSES 
    All purposes acceptable other than repayment of tax or gambling
    debts.


  

   

    Voters Roll	        ||: Yes, but may be accepted without
    CIAS	        ||: Yes, but may be accepted without
    Arrears Outstanding ||: Yes
    Arrears Settled     ||: Yes
    CCJ's Outstanding   ||: Yes 
    CCJ's Settled       ||: Yes 
    Bankruptcy          ||: Yes
    Ex Patriates        ||: No
    Foreign Nationals   ||: Yes, providing have been resident in the UK 
                        ||: for the last three years and have and 
                        ||: indefinite leave to remain in the UK.
    Multiple Appls      ||: No
    Guarantors          ||: No
    Diplomatic Immunity ||: No
    Debt History        ||: Yes

    ALL APPLICANTS MUST PROVIDE A 3 YEAR UK ADDRESS HISTORY.

    LIFE COVER REQUIREMENTS

    Not Required, Although recommended


  

   

    LOCATION
    England, Wales, Mainland Scotland


    Some unacceptable property types 
    Freehold flats or Freehold maisonettes.
    Studio flats. 
    Properties with agricultural restrictions, or with continuing 
    structural movement that requires monitoring.Mobile homes, second or 
    holiday homes. 
    Properties of concrete construction (except Wimpey No-Fine, Laing 
    Easi-Form or Crosswall), with high alumina cement, timber frames with 
    no brick skin or 100% timber 
    Steel frames
    Properties in shared ownership, multi-tenanted or where a third party 
    retains an interest.
    Business premises
    Grade 1 listed buildings.
    Leasehold properties with an unexpired lease term of less than 30 years 
    at end of mortgage term. 
    Properties with 7 or more bedrooms. 
    Live / work units.

    Flats above commercial property. 
    Acceptable with NO restriction on the commercial property type. 		             Max LTV 85% residential, 75% BTL. Valuer to confirm property demand is fair or good.

    High rise development
    Properties located within a development of more than 10 storeys will 
    be acceptable, subject to the following criteria:
    - The development including our security is covered by a valid NHBC, 
    Architects Certificate or Zurich Guarantee
    - The development as a whole is not currently or previously owned by 
    the local authority or housing association
    - Demand is fair or good
    - Property values in excess of the following limits:
    1 Bed - 130,000
    2 Bed - 145,000
    3 & 4 Bed - 155,000
    Demand has to be fair or better on the valuation report.

    Local authority 
    Ex-Local Authority built houses will be considered to the maximum LTV 
    permitted
    Right to Buy permitted to a maximum of 85% LTV, for Status and Self-Cert. 
    Additional applicants not shown on Right to Buy section 125 may be 
    considered for England and Wales only.

    Ex Local Authority flats and maisonettes will be considered subject to 
    the following criteria:
    Max LTV 75% (Residential and BTL)
    Minimum values of:
    1 Bedroom: 60,000
    2 Bedroom: 80,000
    3 & 4 Bedroom: 100,000 
    Demand must be fair or better on the valuation report.

    Back to Back Transactions/Assignable contracts 
    A back to back transaction occurs where the vendor of the property 
    originally purchased it within the last 6 months. It is most common 
    for the vendor to purchase and re-sell the property on the same day. 
    GMAC RFC will not accept any application which is part of a back to 
    back transaction. An application which involves an assignable contract 
    is not acceptable. 
    An application which is part of an assignable contract will be 
    declined.


  

   


     
~   Valuation                      
~   Purchase Price         Fee 
~

    HOMEBUYERS REPORT 
    Report on condition
    Valuation               Fee

    Refer to Individual Packagers


  

   

| No charge upto and including 90% LTV     
  Over 90% HLC charged at 7.5% for Mainstream and 8.0% for Non Conforming 
  calculated from 75%, which can be added to the Loan beyond income
  multiples to a maximum of 97.5%