Portman launches new two year fixed rate mortgage deal

Portman Building Society is adding a new market leading product to its extensive fixed rate mortgage range with effect from Thursday 14 December 2006.

The two year fix offers borrowers a highly competitive rate of 4.68% and is available for mortgages up to 75% LTV.

Summary of changes:

Two year fixed rate – 4.68% (arrangement fee £999)
End dates on all fixed rate mortgage products extended to 31 January

Commenting on the product, Matthew Wyles, Portman’s Group Development Director said: “The cost of borrowing has risen recently and rates will probably go up again in 2007. Portman recognises the importance of keeping monthly repayments as low as possible.

“The beauty of our latest product is that it carries a much reduced interest rate, which is balanced by a higher acceptance fee. This fee can be added to the mortgage advance and will be highly effective in pushing down our customer’s monthly outgoings.”