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Murdoch teams up with Softbank for on-line mortgages

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: &#34I am very proud of the formation of eVentures. This venture presents a unique pooling of the talents of our two groups.&#34


Coventry Building Society appoints former minister

Coventry Building Society is appointing former Conservative cabinet minister Gillian Shephard to its board of directors.Shephard is the MP for South West Norfolk and between 1992 and 1997 she served in various cabinet positions.She served as Secretary of State for Employment 1992-93, minister for agriculture fisheries and food 1993-94, Secretary of State for Education 1994-95 […]

Reardon moves to Zifa

Pensions guru Tony Reardon is transferring from Allied Dunbar to Zurich IFA, the IFA marketing arm of Zurich Financial Services.Reardon says: &#34My new role involves marketing to a wide range of IFAs, from small one-man bands to large employee-benefits consultants, both in the UK and overseas.&#34The IFA market is a change of focus. I&#39ve been […]

Aberdeen urges investors not to neglect their Peps

Aberdeen Unit Trusts says the Pep industry with £80bn worth of assets is very much alive and has warned investors not to neglect their investments.Aberdeen wants investors to consider transfers.UK marketing director Richard Wilson says: “Just as investors will manage their Isa portfolio, they must also keep an eye on their Pep portfolios and ensure […]

Clerical Medical set to convert unit trusts to Oeic

Clerical Medical Unit Trusts will switch its range of unit trusts to open ended investment company during the first quarter of next year.The range of UK and overseas trusts will become sub-funds of an Oeic, under the title Clerical Medical Investment Funds.Unit-linked life and pension funds currently invested in the unit trusts will be switched […]


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