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Portman bring in new fixed rate mortgage

Portman Building Society has brought in the two-year fixed-rate mortgage.

Aimed at first time buyers and existing borrowers looking to remortgage, it has a fixed rate of 3.99 per cent for loans of up to 95 per cent of valuation for the first two years of the loan. After that it reverts to either the company’s standard variable rate or 1.9 per cent above the Bank of England base rate, whichever is the lower.

The income multiples are 3.25 times principal income plus second or 2.75 times joint, which are higher than the industry norm for this type of mortgage, of three times principal income plus second or 2.5 times joint.

The Portman mortgage’s fixed rate of 3.99 per cent is also competitive and will make it the joint second cheapest on the market with the West Bromwich Building Society’s two-year fixed rate mortgage. According to Moneyfacts the cheapest fixed-rate two-year mortgage on the market on October 27, 2000 is the Northern Rock two-year mortgage, which has a fixed rate of 3.49 per cent.

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