View more on these topics

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.”


The big sourcing systems have no incentive to change

From Ernie Reeves Simon Mouncher’s letter regarding sourcing systems (Mortgage Strategy October 17) is the tip of the iceberg and represents a much deeper underlying problem faced by packagers and product providers who want to see their products on one or more of the main sourcing systems. Packagers, branded mortgage arrangers and lenders have little […]

A thin argument for higher proc fees is better than none

From Richard Griffiths Jeff Sutherland-Kay is quite correct in saying my argument for higher proc fees is woefully thin (Mortgage Strategy Letters October 10) but you have to start somewhere. Woefully thin is better than nothing at all. With or without the co-operation of the lenders (probably the latter), I intend to put some meat […]

Many brokers dissatisfied with compliance support services

many intermediaries are not satisfied with the compliance support service they receive from their providers, a survey by Pink Home Loans has found. Pink’s 1,000 Index Survey finds that almost one-fifth of intermediaries think the service they get is poor. The survey, completed by 1,000 intermediaries that have been registered with Pink at some point, […]

Abacus announces free valuations on adverse products

Abacus Permanent has announced that for a limited period it will offer free valuations across its entire adverse product range. The offer will run until December 31 and will be available on a range of products including the Abacus Future 100% with 5.08% two-year London Inter Bank Offered Rate, no overhang and no MIG.The Abacus […]


News and expert analysis straight to your inbox

Sign up