Portman launches rates aimed at first-timers

Portman has launched a range of fixed rate mortgages designed to help first-time buyers.

Recent research shows it takes the average first-time buyer almost five years to save a deposit, during which time house prices become more unaffordable. Also, having to pay high levels of rent means many struggle to save for deposits, fees and moving expenses.

Portman is offering a choice of two, three or five-year fixed rate mortgages which remove the need for a deposit by offering up to 100% LTV, with no higher lending charges and free property valuations. It is also offering home buyers discounted conveyancing fees on request.

Portman’s two-year fixed rate is 5.35% until December 31 2007, the three-year fix is 5.29% until December 31 2008, and the five-year rate is 5.25% until December 31 2010.

Matthew Wyles, group development director at Portman, says: “Anybody buying their first home faces a formidable burden of expense.

“There are deposits, Stamp Duty, valuations, legal fees and so on. And on top of everything else they are normally forced to pay a higher lending charge which can run into thousands of pounds.”

Wyles adds: “We have come up with a package which doesn’t require a deposit, doesn’t require a higher lending charge and rolls up most of the costs into the monthly mortgage repayment.”