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Portman pulls out of remortgage market &#39for time being&#39

Portman Building Society has become the first major lender to pull out of the remortgage market.

The tactical withdrawal means Portman has stopped accepting remortgage applications “for the time being”, believing these borrowers will switch to another lender once their special deal ends.

Corporate communications manager Mike Dobson says: “It cannot be good for lenders and consumers in the long run for this churning of business to continue because someone has to pay the bill at the end of the day.”

But IFAs question the society&#39s claim that blanket media coverage of the mortgage market has led to borrowers being prepared to chase the best deals every two or three years as the basis for its decision.

London & Country claims Portman has been deluged with remortgage business and has been unable to cope.

It predicts it will re-enter the market as soon as its backlog has cleared.

Savills Private Finance says Portman is a victim of its own success due to competitive rates and wants to be able to maintain its high level of service.

Charcol senior technical manager Ray Boulger says: “Portman has been inundated with business and needed to reduce the inflow of business. It is more a servicing issue than anything else.”


C&G extends intermediary incentive

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IFAs protest while ICS and Towry make deal on law split

Towry Law and the Investors&#39 Compensation Scheme have agreed a deal to split the proceeds of any litigation taken over Advizas&#39 pension misselling liability.Towry and its new owner AMP say they are talking to lawyers about the possibility of legal action against undisclosed parties over the purchase of Advizas from Hogg Robinson in January 2000.Towry […]

Stroud & Swindon launches new savings account

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IFAs slam &#39scaremonger&#39 FSA over endowments

IFAs have slammed the FSA for scaremongering after it urged mortgage endowment customers to take action despite the majority of policies being on track to pay off homeloans.The regulator has come under attack after publicising research claiming that 70 per cent of endowment policyholders have failed to take measures to safeguard their mortgages as a […]

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EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.


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