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Egg set for wider role as it invests £15m in IFonline

Prudential&#39s online operation Egg has invested £15m in IFA electronic

mortgage trading platform IFonline.

The deal, revealed by Money Marketing On-line last week, gives Egg a 37

per cent stake in IFonline and acc ess to a wide range of mortgage


Egg already offers its own mortgage products but this investment means the

company can move from the role of simple provider into the brokerage


IFonline says the cash injection enables it to launch its range of

mortgage providers and products fully.

IFonline is the brainchild of Chris Heard, who formerly worked on the

Council of Mortgage Lenders&#39 electronic mortgage project.

Much of the company&#39s fund- ing has come from chief executive Martin

Finegold, who is executive chairman of one of the leading sub-prime

lenders, Kensington Mortgages.

He says: “Egg&#39s investment will assist in the promotion of IFonline&#39s

mortgage trading platform as the industry-standard, common mortgage trading

platform. IFonline is very pleased to have Egg supporting our platform and

views this as the first of many strategic investments in IFonline by other

industry partners.”

Egg chief executive Mike Harris says: “Through this venture with IFonline,

we aim to further increase consumer choice, not only through our range of

flexible, simple and value-for-money mortgage products but also by

searching the market for further len ding products.”


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Inter-Alliance wants to graduate as top of class

Inter-Alliance wants to be the UK&#39s dominant national IFA, with plans toovertake Bradford & Bingley by the end of the year by bringing 147graduates on board.The IFA wants to take its number of registered individuals up to 900 fromthe current 634. It says it will achieve this target through organic growthand by integrating the 147 […]

Nuki&#39s Eye

Don&#39t you just love it when the banks get it wrong. For months now, aswell of popular discontent has been building against the high-streetbanks. As I said in this column a month ago, it was only a matter of timebefore the tidal wave broke, crushing the bad guys and leaving the restgasping for air in […]


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