Portman adjusts 100% mortgage range

The Portman Building Society has announced that it has made adjustments to its 100 per cent mortgage range, with interest rates being reduced on its two, three and five-year products.

A rate of 5.69 per cent is now set on the two-year fixed-rate option, while the three-year 100 per cent mortgage now has a fixed rate of 5.63 per cent.

Customers who take up a 100 per cent mortgage with Portman for a period of ten years will pay a rate of 5.59 per cent.

All of the lender’s 100 per cent products have booking fees of £299 and are now available for purchase and remortgage.

"Portman entered the 100 per cent market last year with a range of products available for purchase only, these deals were well received by both consumers and intermediaries," said Matthew Wyles, Portman’s group development director.

"Instead of just helping first-time buyers with these loans, the 100 per cent remortgage product means we can now help people coming out of divorce who, as a result, may have a limited amount of equity."

Portman is the third largest building society in the UK and the 13th largest mortgage lender.