With much industry talk surrounding the issue of product fees and charges, Portman Building Society has taken the decision to reduce the arrangement fees on its enhanced products.
The lender has reduced its arrangement fee to below £549 on all its products, with some, including a three-year fixed rate at 5.09 per cent, having no arrangement fee.
Portman has also reduced its two-year fixed rate range to start from 4.75 per cent with a £499 arrangement fee, while a five-year fix is now priced at 4.99 per cent with a £499 arrangement fee.
All three products are available up to 95 per cent loan-to-value (LTV).
Commenting on the changes to the product range, Matthew Wyles, group development director at Portman, said: “We have made some great changes to our fixed rate mortgage portfolio, reducing both the interest rates and arrangement fees across the range. The launch of a five-year fixed rate deal below 5 per cent is an extremely attractive mortgage deal for borrowers looking to budget over the longer-term. We now have a very strong set of products in the two, three and five-year fixed rate mortgage market.”
Michael Brill, director at Baronworth Investment Services, said: “All these products have a very competitive rate and fee but the other thing that is good is they are available for both purchase and remortgage business. They are also available up to 95 per cent LTV, so we would have no problem in recommending these to our clients. I would like to see other mortgage lenders reducing their fees without compromising on the rates.”
