The applications were completed ahead of schedule, with the first cases submitted to edeus by Savills Private Finance, Mortgage Match Home Loans and Chase UK.
On 13 September 2006, the first two loans submitted to edeus were successfully approved and an unconditional offer provided to the customers. They included a mortgage for £175,000 on a property worth £250,000, an LTV of 70%; the instant offer made use of edeus’s patented Property Assessment Service, which incorporates AVM data provided by Hometrack.
Alan Cleary, managing director of edeus, said: “We’ve jumped our own gun and done our first mortgages ahead of schedule. It all goes to show that edeus is ready to take the market by storm.”
Following these successful first transactions, business volumes generated by edeus are set to gather momentum, with further cases being submitted under limited distribution arrangements, leading to full nationwide roll-out of the edeus proposition by the end of the roadshow programme.
Cleary continued: “Over the next few weeks, the edeus sales team will be criss crossing the country informing brokers about our products and services, and getting them up to speed with our innovative technology solution. edeus has built an impressive head of steam in terms of distribution agreements signed, and over 5,000 brokers have already registered for the 24 stops of the edeus battle bus. As the roadshow progresses, brokers will be able to send edeus their cases and start the ball rolling with the UK’s new skip-a-generation lender.”
