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Portman unveils remortgage deal

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&#39s sales target of £115m was reached in the first four months.

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