Banks competing online for mortgages
INTEREST rates may be plummeting but there’s always a way to get an even better deal from a mortgage lender – especially as home sales have been falling off a cliff.
A new website is providing genuine competition in the mortgage market by getting the banks to compete in an online auction for your business.
Bidmyloan invites borrowers to enter basic details about their income, property value and loan size, and then have up to 20 banks bid for their business.
Declan Murphy, the site’s founder, said almost everybody saves money because banks are able to offer individually tailored rates plus they don’t have to pay huge commissions to brokers.