Buy To Let Mortgages & Remortgages  GMAC-RFC sees record £1bn completions for June thanks to Buy To Let GMAC-RFC, the UK’s 10th largest lender, announced today record business of over £1 billion worth of mortgage completions for June. This success, attributed to increased performance in both the non-conforming and buy-to-let products, is almost a 20% increase on last month and over 160% of the volumes in the same period last year. In addition the business has seen its new Partners Range, an initiative specifically designed for the packager market, reach £1 billion in applications just 12 weeks after launch, a clear testament to its popularity. GMAC-RFC’s Capital Markets team continue the ‘billion’ theme, completing three portfolio sales totalling over £1 billion - another monthly record for the business. Jeff Knight, director of marketing at GMAC-RFC said: “It’s been a great month for the business and we’re delighted to have reached these significant milestones. However, while numbers are great, it’s the response to the service and products we offer customers that provides the real yardstick for our performance. These figures underline the fact that we are consistently continuing to deliver innovative products and solutions to meet their needs.” Buy To Let Rental yields across England hit four year low Rental yields have fallen to a four-year low in the second quarter of 2006, according to the latest rental yield figures released UK’s specialist buy-to-let broker Landlord Mortgages. The figures reveal that rental yields in England have decreased from 5.91% in the first quarter of 2006 to 5.69%, whilst rental yields in London have fallen to 5.70% from 6.07% in quarter one. Landlord Mortgage believes that this record low can be partially attributed to landlords keeping rents stable to retain reliable long-term tenants while house prices have continued to rise. Another contributing factor is the significant increase in the level of re-mortgaged business. In the second quarter, Landlords took advantage of the excellent remortgage deals (for example 0.39% over the base rate for the life of the mortgage) to refinance their properties so they would need lower levels of rental income to cover repayments. Scotland continues to record higher rental yields than south of the border, displaying only a slight decline to 6.48% from 6.58% in the first quarter. Despite this decline, year on year the figures show no real change in rental yields, illustrating a new found stability in the Scottish rental market place. Lee Grandin, managing director of Landlord Mortgages, said: “It is disappointing to see that rental yields have fallen to a four-year low across England but it is not surprising considering market factors. In this competitive climate, landlords are sacrificing increased rental income to retain reliable long-term tenants. This decision is made easier by the recent prevalence of excellent remortgage deals. At Landlord Mortgages, we have seen an 80% increase in the level of remortgage business as landlords flock to refinance their properties and reduce the level of rent required. “The Scottish market appears to be less volatile than previously as its peaks and troughs are becoming smaller. This is great news for investors looking for long-term stability in this market. Despite yields not being at the level of their 2002 high, they continue to be strong and Scottish buy-to-let property remains a solid investment. “Over the next few months, we will be watching rental yields available in the Capital closely. England generally mirrors the changes we see in London yields so any signs of a pick up in yields in this area will no doubt signal the same for the rest of the country.