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&#39Compete with Charcol&#39 call to new e-brokers

IFAs are being offered the opportunity to create their own rival to

charcolonline with a white-labelled mortgage application website from

Mortgage 2000.

But the company&#39s tag line – “Become a charcolonline or E-loan” – is

being challenged by John Charcol.

Mortgage 2000 is offering IFAs a bespoke version of its

moneysupermarket.com site, which allows searches across every mortgage

product in the market, to use on their own-branded websites.

The service, which aims to have 10,000 users by the end of the year,

offers online application forms pre-populated with individual brokers&#39

details.

IFAs receive commission from any business conducted by a client online,

while Mortgage 2000 take a one-off fee for any transactions.

Mortgage 2000 chief executive Simon Nixon says: “We have given IFAs more

comprehensive tools than Charcol. I would imagine most people would prefer

to do business online with an IFA in their local area rather than a distant

John Charcol representative.”

But John Charcol managing director Ian Darby says: “Some IFAs will see it

as a conflict as the site already goes directly to consumers. We have kept

it clean and have not white-labelled our proposition for anyone else.”

But some brokers have reacted positively to the move, believing the

£35 monthly fee will be a good investment for intermediaries.

London & Country Mortgages senior manager Patrick Bunton says: “So long as

the commission goes to the IFA, I think it will be quite successful. You

would not have to do that much business to get your money back.”

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