Sun Bank plc was purchased by Portman Building Society in 2001. A condition of the purchase made by the regulators, the Financial Services Authority, was that the Bank would have to cease to operate any savings or investment accounts and return its banking license within two years, and this has now been done.
Consequently, as Portman operates Sun Bank as a mortgage lending company and does not trade as a bank, the name of Sun Bank plc can no longer be used. This has resulted in a name change to The Mortgage Works.
Commenting on the launch of The Mortgage Works, Paul Howard, Associate Director - Group Intermediary Sales said, "I am delighted to announce that Sun Bank is changing its name to The Mortgage Works. Whilst we have undertaken a rigorous rebranding exercise, The Mortgage Works remains well placed as a key player in the intermediary market offering a competitive mortgage portfolio and lending criteria. No further changes to the business have been made and The Mortgage Works stands firmly committed to its philosophy, principals and standards".
