is a new website that has been launched which aims to find cheaper mortgages for borrowers, based on a bulk-buy model. is a revolutionary new way of financing home-ownership. We bundle like-minded borrowers together and ask lenders to bid on this bundle of mortgage applications.

Once you’ve answered a few questions about the type of mortgage you’re looking for, borrowers in a similar situation are found, and the website then goes to a group of up to 14 lenders who bid for the business. The one offering the cheapest deal gets it. There is no obligation to take the deal once it is offered.

The site, which launches today, has already come in for some scepticism from within the mortgage industry. One expert is worried that the small number of lenders means that the best deals may be missed.

It certainly seems like an interesting idea (although the “bulk buy” concept is not new – anyone remember that other website that found people looking for the same product, the more people you got together, the cheaper the price?), and might be useful to form part of your research if you’re looking for a new mortgage, but it’s worth checking (or getting a mortgage broker to check) the whole market before making your final decision.

Update: The Motley Fool has some more information on, including that Nationwide, the UK’s largest lender, is one of the 14 lenders used by the service.

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