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Portman loan offers 3% step discount deal

Portman Building Society is offering a range of discount mortgage deals.

They include a three-year stepped discount offering 3 per cent off the standard variable rate of 7.49 per cent until February 1, 2002, 2 per cent for the following year and 1 per cent until Feb ruary 1, 2004. Borrowers can repay up to 10 per cent of the loan without incurring early repayment fees.

The society is also revam ping its fixed-rate deals. These include a loan set at 3.99 per cent until Feb ruary 1, 2002, a loan at 5.49 per cent until Feb ruary 1, 2003 and another fixed at 5.99 per cent until February 1, 2006.

It is also offering a base rate tracker product which shadows the Bank of England base rate, which currently stands at 6 per cent, until 2003 and then incr eases by 0.75 per cent for the remainder of the mortgage. There is £350 cashback, free valuation and no early repayment fee.

Group communications manager John Gully says: “From the recent mortgage business we have been doing, it is clear that people are looking for longerterm fixed and discount products. Although we are retaining our five-year fixed product, our new threeyear discount will certainly be appealing.”

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