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Portman Building Society

The Portman Building society was a mutual building society based in the United Kingdom and was founded in 1846. They had their head office in Bournemouth. The administration centre was at Wolverhampton. Portman Building Society was doing very well for itself and had grown to become the third largest mutual building society in the United Kingdom. The society provided savings accounts and mortgages for the UK residents. The society merged with the Nationwide Building society in 2007. They had assets worth fifteen billion pounds and around 154 branches. Although the merger with Nationwide Building society met with protests from various sections on issues of job cuts etc, the merger has on the whole proven successful for Portman reputation as well as the volume of the assets.

The Portman Building Society sold products involving insurance, Mortgages and savings accounts. Some of the common insurance covers available were travel insurance, health insurance, automotive insurance and home insurance. The insurance covers with varying premiums. Depending on the finances available, the insurance could be taken up. Mortgages too could be designed in a similar fashion. There was no repossession of properties on the failure to repay the mortgage. Using the online mortgage calculator, the mortgage repayments could be calculated so that the person could forecast how much he would need to pay back. Since the Portman Building Society was based on mutuality, the rate of interest they were giving on the savings account was much more than the other financial institutions. Under the principal of mutuality, the organisations do not have any external shareholdings within the organisation. This implies that the company did not lose money by paying dividends and hence were in a position to pay more interest on the money deposited in their accounts. The online application system on Portman was also very efficient.