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Pre-tax profits hit £33m at Portman

Portman, the UK&#39s fourth largest building society, has announced its total assets under management have increased by one fifth, with pre-tax profits up 6% to £33m.

In its interim results, Portman revealed its total assets now exceed £11bn, with gross new mortgage lending of £1.5bn – up 8% on 2002 – and net mortgage lending some 50% ahead of the group&#39s natural market share.

Meanwhile profits from non-conforming subsidiary Sun Bank are up 18%.

Portman chief executive Robert Sharpe says: “I am delighted to present yet another excellent set of interim results, which confirm the competitiveness of our products for both savers and borrowers. Our members clearly appreciate good value and quality service, which is why we are able to consistently punch above our weight in terms of market share.

“These results follow the recent announcement of our intention to join with the Staffordshire in a ground-breaking merger that will benefit the members of both societies and help us continue to deliver competitive products and services as an enlarged mutual.”


Transparent Mortgages picks D@shboard software

Transparent Mortgages has selected information technology firm Nereus Infotek&#39s D@shboard system for mortgage processing software. Jonathan Holland, director of Transparent Mortgages, says: “We have been searching the software market for the past 12 months trying to find an affordable yet fully functional mortgage processing software solution and have selected D@shboard over its competitors.” Jason Hoad, […]

Industry calls for more research on HIPs

The Council of Mortgage Lenders and the National Association of Estate Agents have added their weight to select committee calls for more research before the planned Home Information Pack is launched. A parliamentary select committee has been set up to review the government&#39s draft Housing Bill. It reported last week that much work still needs […]

Charcol targets first-time buyers with fixed rate deal

Charcol is offering borrowers an enhanced income mortgage deal, with a fixed rate of 4.19% (5.0%APR) until September 2 2008. The MIG-free deal carries a redemption penalty for the same period as the fix, but borrowers can repay up to 10% of the loan penalty-free each year. The deal requires a minimum deposit of 10% […]

Future launches clean self-cert range

Future Mortgages has launched a range of &#39clean&#39 self-cert products . The two prime products are aimed at customers who have no negative credit history or arrears and represent an expansion of Future&#39s existing sub-prime self-cert that continues to be a part of the lender&#39s range. Self-cert one is available up to 85% LTV and […]

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Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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