Portman to Close Branches - 06.12.2005

UK Mortgage News

The mutual building society The Portman has decided to close four of its local branches. The building society which is the third largest in the UK, informed the customers of nine branches, targeted for closure, last year asking them to use the branch and save it from a cost cutting excersise. The staff at the branches were also allowed to up their advertising in the local press to encourage its members to visit.

The society which has 1.5 million members has decided to roll out the option to more of its 146 branches next year. The margins are slim at fringe branches according to the group development director Matthew Wyles and the branches that failed to make a good enough case for staying open will be closed in the new year.

The Newcastle Building Society will also be closing some of its branches at the beginning of 2006. It currently has over 50 branches and it has decided to close 19 of them. The Cheshire Building Society has also announced it has felt compelled to enter into a cost cutting programme and will close 4 of its 52 branches.

Apply for a UK Mortgage

Enquire about a Mortgage here - We search the whole market for you