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Brain wave for Ireland

A consortium of lenders led by Bank of Ireland is considering replicating

the industry-owned Mortgage Brain common trading platform in Ireland.

A Dublin e-commerce consultancy working for a number of Irish companies

has recently had a demonstration of Mortgage Brain technology and is

understood to have lined up meetings with owners Nationwide, Halifax and

Alliance & Leicester.

It is looking to see how the UK model has performed since the three rivals

clubbed together to buy a combined 51 per cent stake in the platform in

May. Several other lenders, including Woolwich, Britannia and Cheltenham &

Glouc-ester, are understood to be on the brink of buying the remaining

equity stakes.

Details have yet to emerge about how the platform would transfer but one

option is for Irish providers to take out a licence from Mortgage Brain,

enabling them to sell equity to other lenders, as is the case with the

existing model.

Mortgage Brain director Mike Green says: “We had an enquiry from the

consultancy and provided them with a full demonstration. We are delighted

that providers from another country may implement our proposition and look

forward to taking it further.”

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