Mortgage rate changes at Portman

The most recent consumer price inflation data has made an increase in the Bank of England Base Rate in May almost inevitable.

Since this data was released, the cost of funding fixed rate loans has risen significantly and, as a consequence, Portman has now withdrawn its fixed rate mortgage products and will launch a new range on Monday 23 April 2007 – at higher prices.

Commenting on the move, Matthew Wyles, Group Development Director at Portman Building Society said: “This could be quite nasty. The Monetary Policy Committee is clearly in a tight spot and has little choice but to raise rates without delay - the burning question is: will 0.25% be enough?”