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Portillion withdraws FSA application

Would-be lender Portillion has withdrawn its application to the Financial Services Authority for a banking licence.

Portillion made its application to the FSA to become a mortgage lender in May 2011.

But a spokeswoman for the lender tells Mortgage Strategy: “Portillion’s board confirms that the application to the FSA for a banking licence has been withdrawn.

“Difficult market conditions continue, however it is the board’s belief that opportunities in the mortgage market remain and all options are being evaluated by the board and investors.”

She says it is too early to comment on the future of the business.

Stephen Knight revealed his plans to launch a lender called Checkmate Mortgages in 2007 which was later rebranded to Portillion in February 2010.

But in February 2011 Knight was forced to step down because of a brain tumour.

Portillion had set an original launch date of January 1 2012 and planned to offer a range of savings products direct and mortgages through intermediaries.

It had secured over £58m in investment from SBI Group of Japan.

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  • Grey Haired Underwriter 16th March 2012 at 9:12 am

    Am I surprised? No

  • Eileen Dover 15th March 2012 at 1:03 pm

    A great shame for all involved, but not surprising given the business model – internet savings (short term) and mortgage lending (long term) aren’t natural bed fellows, and it’s hard to make the margins stack up. Good luck to all involved – the job market for good people is out there, so hope all involved get something soon

  • Andrew Deeley 15th March 2012 at 10:24 am

    ha ha haha hahaha hah hahahha hahahha….when is a lender not a lender.