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Portman beats MPC rate cut

Portman Building Society says it is striking a blow for mutuals by reducing its standard variable mortgage rate by 0.35 per cent to 7.25 per cent.


High street banks cut have mirrored the bank of England&#39s 0.25 per cent reduction but Portman says it wants to demonstrate that traditional building societies can consistently beat the competition.


It is also guaranteeing savers no reduction in existing returns before March 1 1999.


Head of corporate communications John Gully says: &#34With something like ten savers for each of our borrowers and against the background of falling interest rates we are equally committed to sustaining the best possible return for our savers.&#34

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