Portman Building Society Flexible Mortgage

Portman Building Society Flexible Mortgage | Reviewed By Experts

The Portman has now merged with Nationwide and no longer exists in its own right. Please click to read the Nationwide review.

Portman Building Society offers a fully flexible tracker mortgage set at 0.24 per cent above the Bank of England base rate until October 2008. After that time the Portman Building Society mortgage moves to 0.75 above the base rate, to give a current annual percentage rate (APR) of 5.7 per cent.

Borrowers with this Portman Building Society mortgage can make overpayments at any time, either through regular direct debits or lump sum repayments. This Portman Building Society mortgage is available up to 95 per cent loan to value, though a higher lending charge is payable over 90 per cent. Interest is calculated monthly with daily adjustment and there are no early repayment charges. This Portman Building Society flexible mortgage is only available to new borrowers and home movers.

Tracker Rate Mortgages

Portman Building Society also offers other mortgage deals, though these are not fully flexible. For example, the other Portman Building Society mortgage deals have interest charged annually. However, many of the deals permit overpayment. One such Portman Building Society mortgage deal is a base rate tracker which is available in two versions, both at an APR of 5.5 per cent. The first is 0.21 per cent above the base rate until October 2008, then moves to 0.75 per cent above the base rate. It is available up to 90 per cent loan to value. There is a £299 acceptance fee for this Portman Building Society mortgage and early repayment charges of 3 per cent apply. The second is 0.15 per cent above the base rate until October 2008, then moves to 0.75 per cent above the base rate. It is available up to 90 per cent loan to value. There is a £499 acceptance fee for this Portman Building Society mortgage and early repayment charges of 3 per cent apply. Both versions of this Portman Building Society mortgage allow borrowers to repay up to 10 per cent of the capital per year during the preferential rate period.

Fixed Rate Deals

Portman Building Society mortgage deals also include a number of two, three and five year fixed rate deals, which allow annual repayments of between 5 and 10 per cent of the capital during the fixedrate period. Initial rates for these Portman Building Society mortgage deals range from 2.12 per cent to 5.35 per cent, with APRs set between 6.2 and 6.7 per cent for the two year fixed deals.

Initial interest rates for the three year Portman Building Society mortgage deals range from 4.99 per cent to 5.25 per cent, with APRs set at 6.6 per cent. Interest rates for the five year Portman Building Society mortgage deals range from 4.99 per cent to 5.25 per cent, with APRs set at 6.4 per cent. Acceptance fees of £499 apply to some of these Portman Building Society mortgage deals, though this is waived in some cases. Early repayment charges apply to all of the three year Portman Building Society mortgage deals during the fixed rate period.*

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