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Portman offers fixed, tracker and discount loans

Portman Building Society is rolling out a new range of mortgages this week, offering a choice between discounted, fixed and tracker loans.

The society&#39s three-year stepped discount reduces its 6.99 per cent standard variable rate to 4.49 per cent until May 2002 followed by a 5.49 per cent rate until May 2003. The redemption penalty is 5 per cent until May 2004.

A flexible tracker loan is also available which follows the Bank of England&#39s base rate until May 2003, after which it switches to 0.75 per cent above the bank&#39s base rate for the term of the mortgage.

Portman is also offering a variety of fixed-rate mortgages, including a two-year loan fixed at 3.49 per cent until May 2003 and a five-year mortgage fixed at 5.75 per cent until May 2006.

The redemption penalty for both loans is 5 per cent until May 2006.

All mortgages except the tracker loan allow borrowers to repay between 5 and 10 per cent of the original loan every 12 months for up to four years without charge.

The procuration fee is 0.25 per cent of the loan.

Group communications manager John Gully says: “The new range coupled with our new SVR means that borrowers have access to a range of products starting from 3.49 per cent through our introducer and branch network.”

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