Figures released by the Council of Mortgage Lenders (CML) have revealed that GMAC-RFC, a mortgage company that is only seven years old, has made it into the top ten mortgage lenders list.
Gross lending figures for 2004 showed that GMAC-RFC is now sitting alongside industry stalwarts such as HSBC, Nationwide and Abbey National.
The relative newcomer made it into number ten with a 2.2 per cent estimated market share and gross lending over the year of £6.3 billion. This was an increase of 31 per cent from the previous year, in a market that grew by only five per cent.
Stephen Knight, executive chairman of GMAC-RFC, commented: "We are genuinely delighted to have achieved top ten lender status.
"Our growth has been driven by focusing on product innovation and providing extremely high levels of service. We believe we are well positioned to remain a top ten lender and certainly have the appetite for further expansion as an organisation."
HBOS topped the list with a 23.4 per cent market share and gross lending for 2004 of £68.4 billion, while Lloyds TSB came a distant second with an estimated market share of nine per cent and lending of £26.3 billion.To read more about mortgages, click here.
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