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Portman takes a triple step

Portman Building Society has introduced its competitive three-year stepped discount mortgage.

Aimed at first time buyers and people who are looking to remortgage their homes, the mortgage has a stepped series of discounts from the societies’ standard variable rate, which is currently 7.49 per cent.

In the first year of the mortgage there is a three per cent discount giving a payable rate of 4.49 per cent, in the second year there is a two per cent discount and in the third year there is a one per cent discount. After this the mortgage reverts to the societies standard variable rate.

According to Moneyfacts the three-year stepped discount is the most competitive three-year stepped discount mortgage on the market at the moment. The next most competitive is the 4.99 per cent discount mortgage from Cheshire Building Society. This has a 2.5 per cent discount for the first year of the mortgage giving a payable rate of 4.99 per cent, followed by 0.75 per cent discount for the next two years.

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