UK personal finance aggregator Moneygator has completed a £1 million mortgage, believed to be the UK’s largest ever Internet-based mortgage. The online transaction saved the customer £10,000 in broker fees.
The £1 million mortgage was taken out by a banker on a house in West London after he conducted an online search on Moneygator for the most suitable mortgage deal available in the market.
From its database, the Web site determined the 30 products that best met the customer’s needs. The £1 million customer used Moneygator’s new telephone service to speak directly to a qualified mortgage adviser about the transaction.
Moneygator says that in 8 months of operation it has processed over 15,000 applications for mortgages and personal loans at more than 40 financial institutions, to a value of over £200m.