Portman Building Society has decided to launch its equity release mortgage nationally, following a successful regional pilot. The product will now be available at over 100 Portman branches, as well as through the society's Direct Mortgage call centre.
Lynsey Hallam, spokeswoman for Portman, says: “We are offering the best fixed rate equity release mortgage on the market. The rate is a market-leading 7.09% and we have coupled this with low up-front fees. Add this to the no negative equity guarantee and homeowners will struggle to find a better all-round fixed rate deal.”
Other equity release providers include Legal & General, which charges a 7.19% fixed rate, Northern Rock at 7.29% and Norwich Union at 7.55%.
Portman recently became a member of Safe Home Income Plans. SHIP was founded in 1991 to promote safe equity release schemes and to offer clients a number of minimum product standards.
SHIP Chairman Jon King says: “We are delighted to welcome one of the largest building societies to SHIP. This further strengthening of our membership underlines the importance of the code and its value to clients.”