The UK arm of international online mortgageprovider e-loan and packager Private Label are entering into a strategic alliance.
Private Label will add e-loan's website to its distribution channels and the company will develop new and exclusive products for the site.
Private Label says it has been in negotiations with e-loan over the last 12 months and hopes the partnership will allow it to take advantage of the “online mortgage boom”.
E-loan says just 2 per cent of mortgages are sold online in the UK but it expects this to rise to 20 per cent in the next few years.
Product strategy director Frank Eve says: “Our partnership with Private Label will enable us to provide mortgages specially designed to make the most of the internet's advantage over tradit-ional homeloans.”
Mortgage Brief, p62