Comparethemarket.com could launch sourcing system
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Comparethemarket.com is looking to launch a mortgage sourcing system on its site which will pass leads onto brokers, Mortgage Strategy understands.
The comparison site currently has a questionnaire format on the site where users can fill in their details and are then transferred to mortgage brokerage London & Country.
But the comparison site is currently reviewing its mortgage proposition and is believed to be looking at adding a sourcing system that would transfer users to either one or a panel of mortgage brokers.
Industry sources say that Mortgage Brain is one of the names in the frame to supply the site with its sourcing system.
It recently invested £3m into its technology and has developed a separate business-to-consumer system that can link to brokers’ websites.
Comparethemarket.com is looking to launch the system in the next six months and could charge brokers a fee to appear on the broker panel and in return brokers would receive advertising on the site and mortgage leads.
One source says the comparison site wants to retain a higher commission from the sale of a mortgage than it currently does with London & Country, which is why it is looking at other possibilities.
Jeremy Moll, commercial director at Comparethemarket.com, could not comment on its plans other than to confirm that it reviewing its proposition.
He says: “I can confirm that we are currently reviewing our mortgage proposition and that this process is still ongoing. I’m afraid I’m unable to give you any further details at this point.”
A spokesman for London & Country says it still has its contract in place with Comparethemarket.com and this is an ongoing agreement.
Mortgage Brain declined to comment.
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Readers' comments (12)
Doug Bennett | 11 Jan 2010 10:53 am
Interesting, CTM want more of a commission share, are they only going to show procuration earning deals then, in which case, half the deals will be missing. Do L&C only do proc fee generating deals aswell at the moment which is why there service is free, and can be promoted by dear old Martin Lewis, or do CTM want a share of the life business aswell.
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Brian Rossiter | 11 Jan 2010 11:14 am
I would be great if CTM gave samall brokers a chance by offering post coded leads for a fixed cost over a six month trial period. At least this way the prospects would be local and eaier to access if a home visit is required. I still believe face to face meetings are the best form of communication, especially with first time buyers.
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Anonymous | 11 Jan 2010 11:56 am
we were second best to L&C and now we are preferred because the comparison site would make more money out of us.Ummmm.
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Martin Greensted | 11 Jan 2010 12:23 pm
A perfect combination - online if the case is straightforward and the applicant happy with online input - a local adviser if not. CTM should offer 'whole of market' sourcing and have adviser service/income available to dovetail with that.
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Anonymous | 11 Jan 2010 9:00 pm
Ive bought leads before - with little success in converting them. Ive spend thousands of pounds.
Can anyone share success stories from leads bought via reply to this post? Thanks
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BALJINDER BENNY SINGH JOHAL | 11 Jan 2010 9:29 pm
£3m ?
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Luis Mota | 13 Jan 2010 7:52 am
Google will eat the mortgage market this year... They need to make a russian ads naked....
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Anonymous | 13 Jan 2010 10:52 am
Share success stories of converted leads? I think you need to look at your wether you are in the right business.
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Jim Gillespie | 14 Jan 2010 5:06 pm
I've tried various internet lead companies over the years and can honestly say I haven't found a good one yet.
Until CTM tell us how they will pass these leads onto local brokers it is difficult to comment further.
What I'd like to see is CTM to nominate one or two preferred IFA's or independent mortgage brokers per postcode area and pass the "leads" to them on a commission split basis rather than charge upfront for every "lead". Simples
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Jim Gillespie | 15 Jan 2010 12:07 pm
I've tried various internet lead companies over the years and can honestly say I haven't found a good one yet.
Until CTM tell us how they will pass these leads onto local brokers it is difficult to comment further.
What I'd like to see is CTM to nominate one or two preferred IFA's or independent mortgage brokers per postcode area and pass the "leads" to them on a commission split basis rather than charge upfront for every "lead". Simples
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