Advice on Portman mortgage 3% rise!!!

Mad_Mare

Need some advice please.
Have a Portman mortgage of £33,000. 11 years left to run. Have been staying with Portman waiting for payout from merger with Nationwide but still waiting. Don't even yet know how much we'll get. Just had a letter this morning to say they are raising our rate to 7.24%!!!!
We would like to start paying extra £50 a month to cut mortgage down but this raise will cost us that £50 a month!
Did look at the Virgin Oneaccount but not sure if it can be that easy.
Any advice would be appreciated.
Thank you.

herbiesjp

Ask Portman what other deal they could offer you - the 7.24% sounds like their standard variable rate.

Then you can compare with the best of the rest - ones that allow overpayments. There are plenty of other cheaper products than the One Account that will allow overpayments and help reduce the term of the mortgage

HTH

pjala

Is it the 2.95% mortgage first 2 years? If so they have a penalty of 7, 6, 4 and 2% for the next four years respectively.
That looks a bit of a heavy penalty for a two year low rate.

absolutebounder

7.24% minus 3% does not equal 2.95% does it. so no its not that one. Just ask the portman if they want to keep you. If so haggle with the rate. If not plan B try the one account

dawny10

As a borrower you'll only get £200 (£160 after tax) from the merger.

chardanna

I work at Portman, that is the standard Variable rate, this allows capital repayments & over payments also fee free, As you are on the SVR we can look at another rate for you... give us a call!