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Wednesday 23rd July 2008
In a move which is as bizarre as it is attractive to mortgage customers, specialist mortgage firm Edeus is looking to offer literally thousands of customers discounts on what they owe, if they take their business elsewhere. The move is the first of its kind in the industry and suggests that the group is in immediate need of cash and being forced to cash in all of its chips.
So far 400 of the company’s mortgage customers have been offered discounts of between 2% and 8% to take their business elsewhere. The take up rate has been in the region of 20% so far but more are expected to accept the offer in due course.
At the end of the trial the group will look at the possibility of rolling this out across the board, but it looks as though those with a good track record and satisfactory credit rating may miss the party. Even though the company has not indicated so, this seems to be very much an exercise to rid the group of potentially troublesome loans before they materialise.
It will be interesting to see if any more players in the market are brave enough to follow their lead. |
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