Portman launches reduced fee broker products
The reduced fees remortgage-only two-year fix has an initial rate of 4.45 per cent with an LTV up to 75 per cent for loans up to £500,000, and is fixed until 31 March 2008. It has also brought out a two-year discounted reduced fees remortgage-only product, also at 4.45 per cent (2.05 per cent discount) for loans up to £500,000.
Both products offer free valuation through Portman Building Society and a £200 cashback. They are available with immediate effect. The Society has also cut the rate on its five-year fixed rate from 4.69 per cent to 4.59 per cent.
Paul Howard, director of intermediary sales at the Portman, said: “We have some great products available to intermediaries at the moment and I am delighted to announce these additions to the range. In particular I know the reduced fee products will go down well as we receive a lot of demand for this type of facility. The rates are good and compare very favourably with others on the market. We expect these products to be extremely popular.”
Susan Hannums, savings manager at AWD MoneyExtra, said: “Looking at the headline rate, on a mortgage of £100,000, the true cost of the mortgage during the first two years would be £9,199 so it is very competitive in our eyes. However, the only concerns which we would have are that Portman charges annual interest rather than daily, so that damages the overpay option for the client. Also, Portman doesn’t come up very highly on the sourcing systems so with this deal being so competitive, I hope it can cope with the level of business without compromising on its service.”