Portman Building Society has brought in a new fixed-rate mortgage.
The two-year fixed mortgage has a fixed rate of 5.75 per cent for the first two years of the loan and is available for loans of up to 95 per cent of valuation. It has two years extended redemption penalties and is on offer to first time buyers and existing borrowers looking to remortgage.
Two-year fixed rate also has income multiples of 3.25 times principal income plus second or 2.75 times joint, which are rather higher than the industry norms of three times principal income plus second or 2.5 times joint.
According to Moneyfacts the lowest two-year fixed rate on the market on October 30, 2000 is from West Bromwich Building Society with a fixed rate of 5.35 per cent and identical redemption penalties.