Christmas comes early for fixed rate borrowers at Portman

Portman Building Society today unveils a number of changes to its fixed rate mortgage range – all the changes are effective from Saturday 25 November 2006.

The Society has simplified its fixed rate proposition, offering borrowers a fixed rate of 4.99% regardless of whether they choose a term of 2, 3 or 5 years AND for a limited time only, all the Society’s fixed rate mortgages are available with no Higher Lending Charge on loans up to 95% LTV.

Summary of changes:

Two-year fixed rate – 4.99% (arrangement fee £499)

Three-year fixed rate – 4.99% (arrangement fee £599)

Five-year fixed rate – 4.99% (arrangement fee £699)

NO HIGHER LENDING CHARGE ON ALL FIXED RATE PRODUCTS

Commenting on the changes, Group Development Director Matthew Wyles said “The decision by the Monetary Policy Committee to raise interest rates has created even more of a challenge for first time buyers. Portman is seeking to help this sector of the market by launching a range of highly competitive products in which borrowers can choose their term and, for a limited time only, these products are offered with no higher lending charge.”