It now has an interest rate of 4.45 per cent, down from 4.59 per cent, and is fixed until October 2010 with a LTV of 95 per cent and a £499 acceptance fee.
The product also has an allowance of part repayments up to 5 per cent of the loan amount without incurring an early repayment charge for each full 12-month period from completion of the loan until October 2010. Any early repayment over this period is charged at 5 per cent of the balance, on which interest is charged until October 2010.
Commenting on the change to the five-year fixed deal, Portman’s group communications manager Helen Shaw said: “We are re-entering the top-end of the five-year market with a very competitive fixed rate and are confident that this product will prove attractive to intermediaries and borrowers alike.”
James Carter, IFA at Virtue Financial, said that Portman’s relaunch was a step in the right direction: “Most swap rate products seem to be about 4.4 to 4.6 per cent so Portman’s fixed seems like a good deal.
“However, one thing to watch with Portman is its interest calculations for people that want to make overpayments. The fixed rate seems like a fair deal, nothing spectacular though.”
Rod Murdison, proprietor of Murdison & Browning, said: “That sounds like a pretty low deal. It is very competitive, especially for a five-year mortgage. My only real concern is that Portman may not provide a proc fee for the product.”
Portman has confirmed its standard proc fee is available on the product.
