By Rachel Williams
Mortgage 2000 is rolling out its mortgage sourcing system to intermediaries, with the launch of financesupermarket.com, sister to consumer site moneysupermarket.com.
Intermediaries will be able to source and, where possible, apply online for all residential and commercial mortgages in the UK via the new website.
In addition, the site will detail every credit card and personal loan deal on the market and allow intermediaries to earn a commission on these products for the first time.
According to Richard Mason, channel controller at moneysupermarket.com, the site’s structure and contents will enable intermediaries to take a more flexible approach to their clients’ financial needs.
He said: “For example, when brokers have clients with county court judgements, they will be able to find them the best mortgage provider as well as exploring the personal loan market. Brokers can now take care of all of their financial requirements, earning income off each product.”
The facility will also be useful for clients looking for an 100% mortgage.
Mason said: “When you source for this type of client, rates are often uncompetitive and the mortgage indemnity guarantees are high. But many lenders reduce or scrap MIG on 95% loans. Now brokers can use the site to get a personal loan for 5% of the mortgage and get a 95% advance, making a substantial saving on MIG.”
He added: “This gives brokers flexibility and choice, letting them save money for their clients and earn commission themselves.”
The site will also allow brokers to source commercial mortgages for the first time, which could substantially increase competition in the market. At the moment, the majority of businesses approach their bank for a commercial loan but they do not always offer the best rate.
Mason said that brokers will also be able to negotiate white-labelling agreements with financesupermarket.com, allowing brokers to trade online without sacrificing their commission payments.
Financesupermarket.com is aiming to capture 25% of the introduced online credit market.