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Portman revamps loan range as rate rises are forecast

Portman Building Society is raising the rates on its range of fixed

mortgages as it believes interest rates will rise over the coming months.

Its fixed-rate loans start with a product fixed at 3.99 per cent until

August 2003, up from 3.49 per cent, with a facility to repay up to 5 per

cent of the capital borrowed every 12 months until 2006.

There is also a two-year loan fixed at 5.49 per cent, up from 5.19 per

cent, which allows up to 10 per cent of the original loan amount to be

repaid until 2003.

The five-year fixed rate rises from 5.49 per cent to 5.99 per cent. It is

fixed until 2006 and has no facility to overpay.

A two-year discount mortgage is available at 5.04 per cent which enables

borrowers to repay up to 10 per cent of the loan each year until 2003.

All fixed and discount loans revert to the society&#39s variable rate,

currently 6.54 per cent, after the special periods have expired.

Portman&#39s tracker mortgage mirrors the Bank of England&#39s base rate until

2003, after which it remains at 0.75 per cent above the base rate for the

rest of the term.

Group communications manager John Gully says: “The first half of this year

has shown that if you remain competitive you will get the business, so with

this repricing we are ensuring we have an equally successful run through to

December.”

DOCE:

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