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Portman fixes for two years

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

The mortgage has a fixed rate of 5.49 per cent for loans up to 95 per vent of valuation for the first two years of the mortgage, after which it reverts to the standard variable rate, which are currently 5.49 per cent. It is aimed at first time buyers and people who want to remortgage.

It also comes with an arrangement fee of £300 and a redemption penalty of five per cent of the amount repaid during the fixed rate term, and this does not extend beyond the fixed rate period.

Looking at similar products on the market, this mortgage is the sixth most competitive two-year fixed rate mortgage. The most competitive is the 4.99 per cent fixed rate mortgage from Yorkshire building society.

Comparing the two mortgages the Yorkshire product has a lower rate but is only available for loans up to 75 per cent of valuation, which makes the Portman product more attractive to first time buyers. The Yorkshire product also has a redemption penalty of five per cent of the amount repaid during the fixed rate term and has an arrangement fee of £295. Neither product has any compulsory insurance.

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