The mortgage market is set for a massive shake-up following the launch of a £14m on-line mortgage broker.
News Corporation owned by Rupert Murdoch is teaming-up with Japanese firm Softbank to launch a UK version of E-Loan, the largest on-line mortgage broker in the US.
Both parties will invest £7m in the UK affiliate of E-Loan in a bid to emulate the US-arm which completed more than £600m of loans in 1998.
E-Loan UK is part of a £30m venture by News Corporation and Softbank to introduce US-based internet companies to the UK, Australia, New Zealand and India. The new company will be called eVenture.
E-loan will allow users to fill in mortgage applications on screen and complete the whole process electronically without ever having human contact.
The US-based E-loans is developing technology to combine digital TV with the internet to create an interactive application process. It is believed the UK venture will follow suit.
Chairman and chief executive News Corporation Rupert Murdoch says: "I am very proud of the formation of eVentures. This venture presents a unique pooling of the talents of our two groups."