The rates on the lender’s two, three and five-year products have been reduced, and the range has been made available for both purchase and remortgage purposes.
All 100 per cent mortgage products have a booking fee of £299. Portman’s range now includes a two-year 100 per cent fixed rate mortgage at 5.69 per cent, a three-year fixed rate at 5.63 per cent, and a five-year fixed rate at 5.59 per cent
Matthew Wyles, group development director at Portman, commented: “Portman entered the 100 per cent market last year with a range of products available for purchase only, these deals were well received by both consumers and intermediaries.
“Our research shows there is also a growing need for 100 per cent remortgages. Instead of just helping first-time buyers with these loans, the 100 per cent remortgage product means we can now help people coming out of divorce who, as a result, may have a limited amount of equity.”
Rachel Loynes, mortgage adviser at Carterbar Ltd, said: “These rates are competitive and its booking fee is good too. However, the amount of remortgage business it gets will depend on its income multiples. For a divorced client borrowing on one income, the amount they can borrow is essential. I place a lot of business with Northern Rock because even though its rates are high, its income multiples stretch far.”
