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Internet mortgage auction service launches

Monday, 23 January 2006 12:00 AM

A new internet auction service is set to revolutionise the way homebuyers shop for mortgages.

Morgagebundles.com will see lenders bidding for the business of borrowers in live online auctions to give mortgage-hunters the best deal.

Under the service, borrowers with similar needs and characteristics are bundled together and then offered up for auction among lenders.

The service is intended to enable consumers to achieve the cheapest mortgage deal possible.

"For far too long the scale has weighed too heavily in favour of the banks and building societies," said Glenn Morrill, co-founder of mortgagebundles.com.

"For the first time ever, mortgagebundles.com is putting consumers firmly in charge of the mortgage market rather than having to rely on an IFA or lender to come up with the best deals."

Over a quarter of homeowners did not know if they got the best deal available when purchasing their last mortgage, research compiled to coincide with today's launch shows.

Another quarter of homeowners find the mortgage buying process stressful, while one in six find the process confusing.

To use mortgagebundles.com, borrowers have to complete nine questions relating to their mortgage requirements and credit history.

This data is used to classify borrowers into 'bundles' of consumers with similar characteristics; and lenders blindly bid against each other to offer the 'bundle' the cheapest mortgage deal.

About two days later, borrowers will be given details of the lender offering the best deal. They can either submit an application or if they are not satisfied, enter another bundle or take no further part in the process.

Mr Morrill expects ten per cent of mortgages to be bought via this channel by 2010. Fourteen mortgage lenders will participate at launch, with others expected to join in the near future.

For more information see: www.mortgagebundles.com

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