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Cheap mortgages online

Date: Tue, 24 Jan 2006

A new website could ensure home buyers have better access to cheap mortgage deals.

Mortgagebundles.com is encouraging lenders to compete for business via a live online auction. It is hoped that it will mean better deals for many customers keen to lower their mortgage repayments.

"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," said Glenn Morrill, co-founder of mortgagebundles.

He added: "This hassle-free way of getting a mortgage deal demystifies what often appears to be a complex process and puts the borrower in a position where their mortgage is fought over."

The site brings together people who are keen to apply for similar cheap mortgages and therefore enables lenders to offer a bulk discount which lowers their overall costs.

At present, just 14 mortgage providers are signed up to the new site but it is expected that many other lenders will become involved in the initiative as it expands.

Cheap mortgages with fixed rates, discounted rates and simple variable rates as well as interest-only loans are available via the site.


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