Portman has launched a flexible two-year stepped discount remortgage product at 2.99%.
Borrowers also have the option of switching to the security of a fixed rate in the first year without incurring any early repayment fees. The latest deal offers a discount of 2.41% below its SVR (currently 5.40%) in the first year, followed by a discount of 1.41% in the second year.
Group communications manager Helen Shaw says: “This is one of the most flexible mortgage offerings on the market. As well as a low rate of 2.99% borrowers have the option of switching to any Portman fixed rate product in the first year. This will be attractive should interest rates rise in 2004.”
Southern Pacific Mortgage Limited has claimed huge success for its prime mortgage range in the seven months since launching in February. The year's sales target of £115m was reached in the first four months.