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Firm discounts mortgages for some customers

Edeus will offer 400 of its customers an eight per cent discount on their mortgages, provided that they redeem the remainder of the loan.The unusual move, announced today by the sub-prime lender, comes due to the difficulties currently being faced by lenders who want to sell their mortgage debts on to professional investors.Rather than pay the low prices currently being offered, Edeus said that it decided to discount rates to customers instead - because the firm would lose less money this way.Mistrust and risk-averse attitudes among financial firms and other corporate investors has been a defining feature of the credit crunch.Alan Clearly, the managing director of Edeus, commented: "It's the lesser of two evils…Over the last ten months the only way we have been able to raise fresh loans is by offering steep discounts to multi-national banks."So instead of offering that to the bank we are dealing with customers directly."

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