View more on these topics

Specialist lenders may merge after Portman takeover

Nationwide has indicated it will merge its specialist lending subsidiary with Portman’s once its takeover of the Portman is complete in September.

Portman’s The Mortgage Works and Nationwide’s UCB Homeloans will remain as separate brands after the takeover but they will operate as a single lender at TMW’s Bournemouth headquarters. The division is to be run by current Portman group development director Matthew Wyles.

Nationwide commercial and communications director Stuart Bernau says the two societies have yet to finalise plans but it is likely to adopt a multi-brand strategy with a centralised salesforce, similar to Royal Bank of Scotland Intermediary Partners.

The move was first tipped by Money Marketing last September.

Bernau adds that Nationwide will aim to move deeper into the adverse sector after the takeover.

He says: “Eventually, UCB and TMW will come together. There is value in retaining both the brands but we will not favour one over the other. We will operate through one salesforce but there is an advantage to using both brands as some of our competitors have been doing that.”

Savills Private Finance associate director Melanie Bien says: “Brokers want choice so if this means losing a lender it is disappointing.”


Professionals aiming to add property to Sipps

Origen says an increasing number of its professional clients want to use group Sipps to purchase commercial property.The firm says a range of professionals including company directors, solicitors and accountants have asked to buy a property, often to lease to their own business or as an investment leased to a third party.A-Day changes to borrowing […]

FTSE surges to six-year high

The FTSE 100 index reached a six-year high last week and is closing on its all-time record of December 1999.The FTSE hit 6,381 on Friday – some 569 points off its record high but almost two-and-a-half times its bear market low of 2,772 in September 2002.The market was bolstered by merger and acquisition activity, strong […]

IFAs warned of confusion over Revenue’s Qrops list

IFAs with expatriate clients could get caught out if they rely on HM Revenue & Customs’ list of qualifying overseas schemes to decide where to transfer pension funds.HMRC publishes a monthly list of “qualifying recognised overseas pension schemes” that have consented to having their details published for UK scheme administrators wanting to move clients’ pension […]

Cattle drive

Those crazy folk at Kensington Mortgage Company have done their fair share of odd stunts but they may have surpassed themselves last week.Not content with the entire male staff growing moustaches last year in the name of charity, their latest fund-raising trick was to ask journalists to invest in bull semen, yes, you read it […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm