Portman has revamped its fixed rate mortgage range, now offering borrowers a fixed rate of 4.99% for two, three and five-year terms.
Available to brokers and direct via its branches, the society is also offering – for a limited time only – no higher lending charges on all fixed rate products with 95% LTV.
Matthew Wyles, group development director of Portman, says: “The decision by the Monetary Policy Committee to raise interest rates has created even more of a challenge for first-time buyers.
“Portman is seeking to help this sector by launching competitive products where-by borrowers can choose their term and, for a limited period, these products have no higher lending charges.”
Wayne Unsworth, mortgage adviser at Hallmark IFA, says: “It’s a good idea to have the same rate across the fixed rate terms. Lenders shouldn’t have HLCs anyway so it’s good that Portman has got rid of them.”
Jonathan Burridge, managing director of Quantum Mortgage Brokers, says: “Offering the same rate over varying periods is an attempt to attract longer term borrowing. Any five-year fix that starts with 4% is good value.”