Nationwide plans online system

Nationwide says it will have its own trading system in place for brokers who don’t want to use the Mortgage Trading Exchange by early 2007.

Mortgage Strategy revealed in August that Nationwide was looking at introducing an online platform as a way of maintaining service standards.

Nationwide says it is in the process of improving all parts of its trading proposition.

Tim Hughes, head of intermediary markets at Nationwide, says: “Brokers are able to use the MTE to access Nationwide’s products online but we are also developing an online system for brokers introducing business to us, and we hope to see the electronic application implemented during early 2007.”

David Hollingworth, mortgage specialist at London & Country, says : “Nationwide has been behind the pack in offering this proposition and it is now having to catch up with other lenders.

“We will have to wait and see whether Nationwide’s online trading system has any important advantages over the MTE.”