The Portman Building Society merged with Nationwide in 2007 and no longer accepts new remortgage applications. However, for existing Portman customers, a Portman remortgage package aims to make the process of switching lenders fast and pain-free. A range of cashback, fixed-rate and tracker deals profit from free valuations and legal fees up to a maximum property value of £500,000. Discounts on home insurance are also available with some products.
Established in 1846, Portman Building Society is currently the 3rd largest building society in the UK. It employs 2,500 staff in 149 branches, offering insurance, mortgage and savings services across the country; a key merger with Lambeth Building Society in 2006 increased its total assets to £18.7 billion.
Portman Building Society was voted ‘Best Fixed Rate Mortgage Provider’ and ‘Best Discounted Rate Mortgage Provider’ in the 2006 Moneyfacts awards.
In 2007 Portman Building Society merged with Nationwide.
A Portman remortgage could be an ideal way to:
- Enjoy greater flexibility with your mortgage, including the option to make early repayments without penalty
- Free up a ‘lump sum’ at the beginning of the policy for new furniture or renovation work
- Repair a damaged credit rating or former mortgage arrears
What is a remortgage?
A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:
- Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
- Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.
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