Portman BS has launched a two-year fixed rate, available at 4.49 per cent, and a two-year discount mortgage at 4.19 per cent. Both include an arrangement fee of £999.
Its two-year fixed rate at 4.49 has a maximum loan set at £250,000, with the option of part repayments up to 5 per cent of the loan borrowed without incurring an early repayment charge (ERC). Portman’s two-year discount product allows borrowers to part repay 10 per cent of the loan without incurring any ERC.
Portman has also enhanced its fixed rate reduced fees option, reducing its rate from 4.84 per cent to 4.79 per cent.
Portman’s two year discount mortgage has been increased to 4.29 per cent, with its two-year fixed rate mortgage increased to 4.69 per cent, from 4.59 per cent. The building society has also taken the decision to extend the end dates on all mortgage products to 31 July.
Commenting on the changes Paul Howard, director of intermediary sales for Portman, said: “Money market rates are on the increase and therefore pushing up mortgage rates. However, we have managed to deliver market-leading rates to intermediaries and their clients. We have also brought in some new products which minimise mortgage rates for those borrowers seeking to reduce their monthly outgoings. We are sure these products will continue to be popular in the broker market.”
James Cotton, mortgage specialist at London & Country, said: “The 4.49 per cent deal has a good rate, but it comes down to rate against fee with its £999 arrangement fee. It is a competitive offer, but there are others near it, such as the Dunfermline. Its £250,000 ceiling is a bit low, as with high arrangement fees you would expect a higher loan amount, but Portman is aiming for best buy. ”
