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Portman guarantees MPPI premium rates

Portman Building Society is guaranteeing existing premium rates for borrowers who take out mortgage payment protection insurance (MPPI) following a deal with Pinnacle Insurance.

With the number of job losses hitting Britain&#39s labour market, premiums for this type of insurance cover will tend to rise as insurance companies have to deal with higher numbers of claims.

Consequently, some other lenders are raising premiums and some insurance providers – unwilling to stomach the risk of a downturn – are pulling out of the market entirely. Under the terms of its new deal with Pinnacle Insurance, Portman is guaranteeing prices for the next twelve months so that people taking out new mortgages can plan confidently for the near future.

Portman is also guaranteeing the current premium rate to its existing policyholders for the same period. The switch for these customers will be seamless, with terms and conditions virtually identical following the deal.

Matthew Wyles, Portman&#39s group operations director, says: “We are proud to be in a position to guarantee existing premium rates in the current economic climate. The Society is firmly committed to ensuring its borrowers receive the very best MPPI protection and we believe Pinnacle are ideally placed to deliver it. Pinnacle&#39s innovative use of the internet for claims handling will enhance our Mortgage Care claims service”.


My mortgage week – Paul Duckworth

Monday: Got to work early (around 7.00am) to prepare for today&#39s group board meeting. Managed to read up on the Sandler report and took on board the comments and views from the trade press (inc. Mortgage Strategy, of course). Spent most of the meeting discussing a pilot with a top lender for our new product, […]

Mortgages PLC revamps website

Mortgages PLC has rebranded its website and reported rapidly increasing numbers of intermediaries visiting the site. Since launch in April 2002, the site, at, has attracted over 3500 visitors and the number of visitors is typically rising by 15-20% each month. Over 1500 intermediaries have registered on the site and are able to access […]

Marlborough Stirling appoints Brian Hall as managing consultant

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Paper tiger

Last Monday, the Financial Services Authority published Consultation Paper 146: The FSA&#39s approach to regulating mortgage sales. From around mid-2004, intermediaries that sell mortgages will need to be authorised by the FSA. Mortgage supremo Sarah Wilson, director of the FSA&#39s high street firms division, says the regulator wants to make sure that “consumers get clear […]

Survey cover

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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