Portman launches 100% mortgage range

Portman Building Society has introduced a series of new 100 per cent mortgages.

A rate of 5.69 per cent now applies to the lender's two-year fixed-rate 100 per cent mortgage deal, another 100 per cent deal is fixed at 5.63 per cent for three years, while a five-year deal offers a fixed-rate of 5.59 per cent.

All three products feature a booking levy of £299. Rates apply to both purchasing and remortgaging applications.

Matthew Wyles, group development director at Portman, hailed the new November range of 100 per cent mortgages designed for borrowers with limited equity.

"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," he said.

"Our research shows that there is also a growing need for 100 per cent remortgages.

"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," he added.

With a network of 149 branches and total assets of £18.7 billion, Portman is Britain's 13th largest mortgage lender.