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Brain and 2000 link to offer a single platform

Mortgage Brain and Mortgage 2000 are joining forces to create a common trading platform that they say will let intermediaries do business electronically with 70 per cent of lenders in the market.

The two companies and their sourcing systems will remain separate. The merged platform, the Mortgage Trading Exchange, is set to be operating by the end of the year.

But brokers are concerned that choice will be restricted and are calling for reassurance the platform will be available to users of other sourcing systems such as Trigold.

Lender Future Mortgages warns that the move does not resolve the issue of Abbey National backing Trigold while other major lenders such as HBoS have stakes in Mortgage Brain.

Mortgage Brain and Mortgage 2000 say the move will give their 50 lender partners access to 22,000 subscribers representing about 60 per cent of mortgage intermediaries and their users will not have to change their systems to access the platform.

Broker franchise Mortgageforce managing director Robert Clifford says: “I do not think there will be an adverse effect if the common platform is available to other sourcing systems.”

Mortgage 2000 sales and marketing director Sean Hornsby says: “At this moment, we have not talked to other sourcing systems but have no plans to exclude anyone.”

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