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Mortgage 2000 online site can&#39t meet guarantee

Mortgage 2000 online site, Moneysupermarket, is facing difficulties meeting its 48 hour offer guarantee which it launched two weeks ago.

The site makes lenders bid for customers&#39 business, but due to overwhelming demand, it has had to admit some applications are taking up to 12 hours longer to process than they are supposed to.

Nearly £50m in loan applications has flooded the website in its first week in existence. Moneysupermarket says it has had to triple the number of employees processing the applications, and this why the delay has occurred.

To date, 14 lenders have signed up, but the list is notable for lacking the presence of the UK&#39s largest lenders. The site only takes mortgage applications of loans of £150,000 or more currently.

An Abbey National spokesperson says: “We see ourselves as providing a respected brand and do not want to risk that with a start-up.”

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