The product is available for mortgages up to 75 per cent loan-to-value (LTV), with an arrangement fee of £999. There is an Early Repayment Charge of 3 per cent for the term of the deal, with the facility to make part repayments of up to 10 per cent of the loan amount borrowed without incurring a charge for each full 12 month period from completion of the loan.
The maximum loan amount is £250,000. The end dates on all of Portman’s fixed rate mortgage products has been extended to 31 January.
James Cotton, mortgage specialist for London & Country, commented: “After a lengthy period of rates going up, we might start to see them levelling out or coming down. Portman has always been quite aggressive in its pricing and it may be others will follow. It’s a good product, but there is the fee to factor in. However, it is a fixed fee, so the larger the loan the more benefit there is.”
Matthew Wyles, Portman’s group development director, said: “The product 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.”
