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Lenders to bid for business on the net

Mortgage 2000 has set up a free supermarket auction-type website for IFAs which claims to offer the chance to source the best mortgage rates while earning commission.

IFAs&#39 clients complete an online proposal form which is designed to take around 10 minutes. The lenders then bid for the business through the site and the company can identify the lender which is offering the best deal.

The supermarket will allow IFAs to earn commission on personal loans and credit cards as well as residential and commercial mortgages.

The website is based atmoneysupermarket.com. IFAs can source all personal loans and apply online to lenders. They can compare what clients are paying for credit against what is the best deal on the market.

Mortgage 2000 claims this system will create a more competitive market place as lenders will be able to undercut rates offered by major high-street banks, drive down mortgage costs and allow companies to become more cost-effective.

Mortgage 2000 says the site has been launched in the wake of the Cruickshank report which found there are around 1.3 million businesses looking for commercial finance, with many of them choosing to go to the bank where they have their business account. But it says the banks with the biggest market share do not necessarily providethe lowest charges.

Mortgage 2000 chief executive Simon Nixon says: “We are offering advisers access to the most comprehensive online supermarket for credit in the UK.

“Our aim is to give every IFA in the market access to information that they cannot amass for themselves.

“We supply information and can process applications for all deals. It is a simple proposition but very powerful and already the reaction to financesupermarket.com has been very positive.”

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