Portman unveils fix as rumours fly

Portman has launched a two-year fixed rate mortgage amid speculation the brand may soon become branch-only.

One source tells Mortgage Strategy Portman is looking to become a branch-only network, making The Mortgage Works the sole intermediary offering.

But Lynsey Hallam, spokeswoman for Portman, says the society is unable to comment.

The society has just released a two-year fixed rate with an initial rate of 4.44% fixed until December 31, 2007 available through brokers only.

Other details of the product include up to 95% LTV, 5.3% APR, a maximum advance of 500,000 with a 499 acceptance fee, no higher lending charge up to 90% and the ability to make part repayments of up to 5% of the loan amount borrowed without incurring early repayment charges.

Paul Howard, director of intermediary sales at Portman, says: “This will be popular with brokers. It offers a competitive initial rate and an equally attractive follow-on rate.”

The society is also cutting the rate on its lifetime mortgage product from 6.15% to 5.99%.