Portillion pulls out of the mortgage market
Prospective mortgage lender Portillion, the company originally founded by former GMAC-RFC chairman Stephen Knight, has now closed its office and made staff redundant.
Earlier this year, the company issued a statement saying it had withdrawn its FSA application to get a banking licence and pursue becoming a mortgage lender.
Although the board said Portillion had planned to become a mortgage lender since 2007, when Mr Knight revealed plans to launch Checkmate Mortgages before rebranding it as Portillion in February 2010, the firm has withdrawn its application to the City regulator almost a year since it put its application in.
In the statement, Portillion said: “We have decided not to pursue becoming a mortgage lender. The Farnborough office has been closed and all the staff have been made redundant.” It is understood it had nearly 20 members of staff.
Early in 2011, Portillion had informed the market it was to launch in January this year, and offer a range of savings and mortgage products.
However, as reported at the time, Mr Knight decided to step down early last year because he had a brain tumour. Portillion’s chief financial officer David Hill left in December 2011 after almost two years with the firm