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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.”

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