Portman is revising its five-year fixed rate mortgage.
The five-year fixed rate, currently at 4.45%, will be amended to 4.54%. There will be a 499 acceptance fee, up to 95% LTV, no higher lending charge up to 90%, a facility to make part repayments of up to 5% of the loan amount borrowed without incurring an early repayment charge, for each full 12-month period from completion of the loan until December 31 2010. There will be an early repayment charge of 5% of the balance on which interest is charged.
All other products remain unchanged. Helen Shaw, communications manager for the Portman Group, says: “We have made this change in response to recent movements in swap rates, and expect other lenders to follow suit. Despite this increase, I believe this product remains attractive to borrowers seeking the security of a fixed rate deal.”