Banks sign up to Net home loans venture

The UK’s first online mortgage broker, emfinance, has set up joint ventures with the Royal Bank of Scotland, the Woolwich, Bank of Scotland subsidiary The Mortgage Business and Bristol & West.

Under the agreements the mortgage providers will design a range of mortgage products which will be branded emfinance.

The lenders will also administrate the mortgage after the application has been processed.

Gerry O’Neill, managing director of emfinance, says: “We offer a cheaper and more convenient way of buying a mortgage as well as a broader range of products than the traditional providers.”

When a customer has selected a mortgage, emfinance will calculate repayment details, run a credit check and process the application over the Net. From then on, the customer will deal face-to-face with the mortgage provider, although the product will continue to be branded as emfinance.

Emfinance was set up by former Royal Bank of Scotland head of distribution strategy Gerry O’Neill and launches later this year.

It has appointed Profero to its &£1m advertising account, which is likely to include online, poster and television advertising.

Emfinance is a subsidiary company of The Exchange, the Internet financial services holding company which floated on the London Stock Exchange earlier this year with a value of &£410m.

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