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Portman&#39s 5.99 per cent is cheapest on market

Portman Building Society has brought in the 5.99 per cent fixed rate mortgage.

Aimed at first time buyers and remortgages, the mortgage is fixed for five years at 5.99 per cent for loans up to 95 per cent of valuation. At the end of the fixed rate period the mortgage will revert to Portman&#39s standard variable rate, which is currently set at 7.49 per cent.

The mortgage also has redemption penalties of five per cent of the advance in the first five years of the loan, but the redemption penalties do not extend beyond this period.

With income multiples of 3.25 times principal income plus second, this puts the mortgage slightly higher than the industry norm of three times principal income plus second.

According to Moneyfacts the Portman 5.99 per cent mortgage is the cheapest on the market on October 13, 2000. The next cheapest five-year mortgage is the Market Harborough 6.10 per cent, which also has no extended redemption penalties.

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