Portman gives more to first time buyers with 100% mortgage range

Portman Building Society is launching a number of new products to boost its 100% mortgage offering.

The new products are designed to help first time buyers take their first step into home ownership as they are available with no arrangement fee and a free valuation. The new products are available from Wednesday 14 February 2007.

Summary of new products:

Five-year fixed – 5.99% (No arrangement fee, free valuation) **NEW**
Three-year fixed – 6.13% (No arrangement fee, free valuation) **NEW**
Two-year fixed – 6.19% (No arrangement fee, free valuation) **NEW**
No higher lending charge on all fixed rate products
All end dates to 31 march

Commenting on the changes, Matthew Wyles, Group Development Director said: “Many first time buyers are feeling a rising sense of urgency as they watch property prices going up much faster than their earnings. Our 100% mortgage product is designed to accelerate a first time buyer’s entry into the market. With that in mind, it’s crazy to ask these customers to come up with valuation and arrangement fees on top of all the other expenses they will be incurring. These products will make an important contribution to getting new homeowners into the market – this is what building societies were created to do.”