Portmans announces new mortgage product

20 December 2006
Portmans has announced a competitive new product in its mortgage range.

The lender, which is the UK's third largest building society, said the new product was designed to keep monthly repayments to a minimum.

Group development director at Portmans, Matthew Wyles, commented: "The cost of borrowing has risen recently and rates will probably go up again in 2007.

"Portman recognises the importance of keeping monthly repayments as low as possible."

The new product, which adds to an already extensive range of fixed mortgages offered by Portmans, is a two-year fixed loan with a rate of 4.68 per cent and is available for mortgages up to 75 per cent.

The news will be welcomed by potential buyers, amid consistent speculation that interest rates are set to rise to 5.25 per cent at the beginning of 2007 as a result of inflationary pressure.

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