With the merger between Nationwide and Portman set to complete in 2007, questions have been raised over the repercussions of the move, with Portman offering products outside of Nationwide’s usual scope.
With Nationwide distancing itself from the equity release market, Alan Lakey, senior partner at Highclere Financial Services, indicated that the merger could have repercussions for borrowers with an equity release mortgage with Portman.
He said: “Portman is involved in equity release, but Nationwide has always distanced itself from this sector of the market. It will be interesting to see what Nationwide decides to do after the merger, because it has never been keen on the this market.”
However,
Tamsin Hemsley, media relations manager at Nationwide, said: “One of the reasons for the merger is that Portman is involved in market areas that Nationwide is not currently involved in.
“Any decisions on product lines will be made following the merger’s completion and after reviewing the interests of
our members.”
