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Portman fixes for five for first time buyers

Portman Building Society has introduced the 5-year fixed rate mortgage.

Fixed until August 1, 2006, the mortgage has a fixed rate of 5.99 per cent for loans of up to 95 per cent of valuation. The mortgage is only available for first-time buyers.

The mortgage has a £300 arrangement fee and a redemption penalty of five per cent of the advance until the end of the fixed rate period. There are no other fees attached to the mortgage.

Fixed rate mortgages are proving less popular at the moment than discount and variable rate mortgages. Figures obtained from the Council of Mortgage Lenders show that in the first quarter of 2001 132,000 fixed rate and 279,000 variable rate mortgages were taken out. This contrasts with the first quarter of 2000, when 132,000 fixed rate and 244,000 variable rate mortgages were taken out.

According to Moneyfacts the most competitive five-year fixed rate mortgage is from Furness Building Society. This has a fixed rate of 5.59 per cent until June 19, 2006 for loans of up to 80 per cent of valuation. The mortgage also has a redemption penalty of 5 per cent of the advance during the fixed rate period and an arrangement fee of £295.


Mimi offers protection

Mitchell says: “The product is well suited for many clients who require protection in connection with a mortgage. The policy can also be used for family protection and also business purposes, although it is not marketed as such.”On the subject of the marketing opportunities that the plan will provide, Miles cannot see any, Mitchell says: […]

Portman adds to fixed rate mortgage market

Portman Building Society has brought out the 3.99 per cent fixed rate mortgage.Aimed at first time buyers only, the mortgage has an interest rate of 3.99 per cent for loans of up to 95 per cent of valuation until August 1, 2003.Portman has given borrowers the facility to repay up to 5 per cent of […]

Go Private link-up with Pioneer Friendly Society

Go Private, the wholly owned subsidiary of healthcare provider Exeter Friendly Society, has established an affiliation agreement with income protection specialist Pioneer Friendly Society to offer a health cash plan option with its policies. The joint venture will be available to all new and existing Pioneer policyholders and will offer them self-pay hospital products, loans […]

GE to set up new brand after £75m NatMut buy

National Mutual has been bought by GE Capital in a deal worth £570mwhich will see it merged with GE Life to create a new IFA specialistpension brand. The brand will be created under the GE name which will build on NatMut&#39sexpertise in Sipps. NatMut as a brand name could disappear. GE Life already operates in […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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