The Portman Building Society has launched a fixed rate mortgage rate of 4.99% for all term lengths. Whether borrowers want a term or 2, 3 or 5 years, their rate will be the same – effective from November 25th 2006.
"We have simplified our fixed rate proposition, offering borrowers a fixed rate of 4.99% regardless of whether they choose a term of 2, 3 or 5 years, and for a limited time only, all our fixed rate mortgages are available with no Higher Lending Charge on loans up to 95% LTV." said Group Development Director Matthew Wyles.
The two-year fixed rate will carry an arrangement fee of £499, the three-year term, a fee of £599, and borrowers looking for a five-year fixed rate of 4.99% will pay an arrangement fee of £699.
Portman says its decision to have just one rate is a response to rising interest rates making it more and more difficult for people to make that first step onto the housing ladder.
"The decision by the Monetary Policy Committee to raise interest rates has created even more of a challenge for first time buyers," continued Mr Wyles. "Portman is seeking to help this sector of the market by launching a range of highly competitive products in which borrowers can choose their term, and, for a limited time only, these products are offered with no higher lending charge."
Find out more about getting a Portman mortgage