View more on these topics

Edeus in society deal that will empty warehouse

Edeus is set to “virtually empty” its £1.2bn warehouse line at the start of next year after it completes another wholeloan book sale to a building society in January.

Chief executive Michael Bolton says the firm is lining up the deal with a society, which will carry out due diligence in December to complete in the first week of January. This follows Edeus’ recent wholeloan book sale to Stroud & Swindon. A series of trades is thought to amount to £500m once completed.

Bolton has hit out at the FSA for phoning every building society chief executive last month to impress on them the importance of prudence in the current market conditions. He says: “The FSA was effectively trying to persuade each and every one of the building societies to declare they would not buy any more mortgage books for the rest of this year.”

Bolton also hints that Edeus will be branching out into different product areas next year. He says: “We are in advanced negotiations with several counter-parties around the fact that the dynamics of the market have changed.”

Recommended

Caught in the crunch

The credit crunch could offer an opportunity to demonstrate the value of advice to clients.

Axa revises protection rates

Axa has revised its rates for level and decreasing life cover as well as guaranteed level or earlier critical illness cover and guaranteed decreasing or earlier critical illness cover.The firm says around 45 per cent of premiums have reduced in price, by 1.5 per cent on average. The other 55 per cent have either stayed […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com