Portman announces new mortgage range

Portman Building Society is offering a variety of new products as part of its 100 per cent mortgage range.

The new home loans come with no arrangement fee and a free valuation and are available from now until the end of March.

Altogether, there are three products in the range: a five-year, fixed-rate deal with a rate of 5.99 per cent, a three-year fixed-rate choice at 6.13 per cent and a two-year fixed-rate deal at 6.19 per cent.

Portman development director Matthew Wyles said the 100 per cent mortgage product is “designed to accelerate a first-time buyer’s entry into the market”.

He added: “Many first time buyers are feeling a rising sense of urgency as they watch property prices going up much faster than their earnings.”

Most mortgage lenders withdrew their fixed rate products following the Bank of England’s decision to raise the interest rate in January and there were widespread reports of desperate borrowers scrambling for the last remaining fixed-rate offers.

© Adfero Ltd

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