Egg, the direct internet banking arm of the Prudential, is allowing customers to submit mortgage app...
Egg, the direct internet banking arm of the Prudential, is allowing customers to submit mortgage applications online and has plans to offer a credit card facility to account holders later this year
Through the addition of the online applications, the group is lowering its variable rate mortgage by 0.2% to 5.59%. The reduced rate will apply to existing borrowers as well as new applicants. Egg also last week signed a deal worth more than £1m with Excite UK, a search engine and portal website
The deal will make all of Egg's financial services available through the Excite website, allowing visitors to Excite UK to apply online for an Egg credit card, bank account, loan or mortgage. It will feature further access as the services are developed, such as the planned funds supermarket and an online share dealing service. Excite intends to offer access to Egg in conjunction with its Money and Investing channel, which features information on taxes, tips on pensions, as well as a currency converter and share quotes service
Wendy Tan, e-commerce partnerships manager at Egg, said: "Our deal with Excite is crucial to our business. We need to target the new and fast growing internet generation by fostering strong e-commerce partnerships to benefit our customers. Egg will be benefiting from Excite's traffic and we are convinced that the deal will be invaluable to both parties
In the 10 months since its launch, Egg has 550,000 customers and over £6bn in funds under management. The group has five initiatives planned for later this year, including an internet credit card and a fund supermarket with online share dealing
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From June 2019