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Mortgage lending at Portman hits 5bn

Portman has revealed that gross mortgage lending increased 18% on 2005, reaching 5bn.

Its annual results for 2006 also show that residential mortgage balances increased by 19% to 16.1bn.

Robert Sharpe, chief executive of Portman, says: 2006 has been a year of outstanding success. Total assets increased by 20% to 21.3bn.

The Mortgage Works delivered pre-tax profit of 32.5m, representing over 30% of the Groups underlying pre-tax profit.

“The profits generated by this non-member specialist lending subsidiary enhance the societys ability to deliver the benefits of mutuality to members through attractive product pricing.

I think 2007 will be a challenging year for us whilst carrying out the extensive planning and integration activity required to complete the proposed merger with Nationwide.

“I am confident that the Portman Group will rise to the challenge of ensuring that the merger, if approved, proceeds smoothly.


AHIPP extends area trials

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Anti-HIP petition tops 5,000 signatures

The National Association of Estate Agents e-petition against Home Information Packs has now topped 5,000 signatures.A consultation document released by the Department for Communities and Local Government last week took steps to address some of the issues surrounding HIPs but the NAEA says it has not gone far enough.Peter Bolton King, chief executive at the […]

ifs predicts growth in insolvencies

ifs School of Finance has predicted that there will be an increase in insolvencies.This prediction was in response to figures released by The Insolvency Service which showed that there were 29,804 individual insolvencies in England and Wales in the final quarter of 2006 taking the annual number of insolvencies for 2006 to 107,288.Anne Kiem, director […]


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