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National launch for Portman equity release mortgage

Portman Building Society has decided to launch its equity release mortgage nationally, following a successful regional pilot. The product will now be available at over 100 Portman branches, as well as through the society&#39s Direct Mortgage call centre.

Lynsey Hallam, spokeswoman for Portman, says: “We are offering the best fixed rate equity release mortgage on the market. The rate is a market-leading 7.09% and we have coupled this with low up-front fees. Add this to the no negative equity guarantee and homeowners will struggle to find a better all-round fixed rate deal.”

Other equity release providers include Legal & General, which charges a 7.19% fixed rate, Northern Rock at 7.29% and Norwich Union at 7.55%.

Portman recently became a member of Safe Home Income Plans. SHIP was founded in 1991 to promote safe equity release schemes and to offer clients a number of minimum product standards.

SHIP Chairman Jon King says: “We are delighted to welcome one of the largest building societies to SHIP. This further strengthening of our membership underlines the importance of the code and its value to clients.”


Advantage Mortgages posts record figures for sub-prime business

Advantage Mortgage Services has released record growth figures for its last financial year. The North-West-based mortgage packager and branded lender grew the business by 25% last year, with a proportionate increase in profits. The company is currently writing over £18m of sub-prime business per month and is predicting a doubling in business next year. Advantage […]

My mortgage week

Monday: First day back in the office after the Christmas break. Feeling fully refreshed notwithstanding the fact that I had to stand on the train for the 50-minute journey. A new year and fresh targets to discuss in my first week with the six members of my team, so an early start is the order […]

Pink launches &#39Good as Gold&#39 AIP scheme

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Great service? Beat this

From Marc TurnerRegarding Gary Booth&#39s letter in your January 13 issue concerning Northern Rock&#39s excellent turnaround time, I feel this may be the catalyst for a &#39standards of service&#39 competition. My compliments go to Abbey National for the following incredible example: appointment at the client&#39s house on November 6, 2002, subsequently submitted online later that […]

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Pension Wise — now taking calls…

Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.


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