The Mortgage Distributors Co-Operative (MDC) is to begin electronic trading in the first week of July.
The MDC, comprising The Mortgage Operation, Pink Home Loans, Mortgage 2000, ICMG, Genesis Home Loans, Solent Mortgage Services, BDS Mortgage Desk, Advantage Mortgage Services and Pavillion Securities is finalising the suite of products that will be available through Rooftop Mortgages. Rooftop is a new lender established solely for the purpose of underwriting mortgages from the MDC and funded by investment powerhouse Bear Stearns.
All applications will be submitted electronically, and Mark Charlesworth, chairman of the MDC, said the electronic hub would be up and running in the first week of July.
The first range of products will be sub-prime, but discussions are underway with an existing UK lender for a second range of prime and self-certification products. Charlesworth said he was open to all offers from other lenders, and would look to extend the products available to MDC members through the hub.
