Richard Farr, marketing manager at The Mortgage Works, said: “We chose the name because it operates on two levels. Firstly it sounds industrial and has a factory feel to it. Secondly, we felt it matched the ethos of our specialist lending proposition.”
Farr said the change occurred as a result of the Portman takeover of Sun Bank in December 2001. Under FSA rules, only one company within the group was allowed to hold a banking licence, so the group decided to return Sun Bank’s.
Commenting on the name change, Matthew Bright, managing director of Optoma Broker Solutions, said: “It sounds a bit new age, a bit post-dot com. Will it inspire confidence in the public? Only time will tell.”
