Edeus went live on 13th September and tomorrow (22nd December) will see us complete our first hundred days. Edeus's cent-jours have not been as historically significant as Napoleon', but they have been momentous nonetheless.
We kicked off with our mammoth “New Era Tour” to promote the edeus business proposition and showcase edeus’s instant offer and instant funds options to brokers. We made 24 stops across England, Scotland, Northern Ireland and Wales, clocking-up 3,200 miles in the edeus Battle Bus. The fact we met more than 3,000 intermediaries over the four-week trip – which was a staggering number, even by edeus’s standards – was a testament to the strength of our offer.
While we were on the road we started to give out details of our products and pricing. The intermediaries all seemed to get the message - edeus’s skip-a-generation technology was going to help them deliver tailored solutions to meet their customers’ needs and circumstances.
As we finished full national roll-out, trade became brisker and we started to get feedback from brokers. We’d made some bold statements about our proposition in the road shows, but the proof was now there for all to see – the feedback from Savills Private Finance, Mortgage Match Homeloans, Hamptons Mortgages and John Charcol was overwhelmingly positive.
We also began to expand our heavy-weight management team. Terry Pritchard resigned as CEO of Chase UK to help us develop strategic direction in the sub-prime market. And we appointed Paul Gratton - online banking innovator, founder of First Direct, and ex CEO of Egg plc – to our non-executive team.
While we were busy enhancing our team, we were also busy enhancing our offer. We announced we were going to offer free standard valuations on our three year adverse tracker range. We predicted base rates would rise within a week and wanted to help intermediaries’ clients who might struggle to meet increased payments. Base rates duly went up.
Then, after our first full month of trading we announced Premier Mortgage Service (PMS) was our biggest producer. In November, PMS produced over £75m of applications for edeus - which was well beyond our expectations. They were the first distributor to sign us up back in July and we were delighted with the way business levels took off.
With these growth rates we should hit the magic £100m a month number with PMS in January or February. I’ll get back to you in another 100 days and tell you if we made it!
Alan Cleary is managing director of edeus.
The views expressed are those of the author and not those of the company he represents.IFAonline
FCA checked files
Properties do not exist
Follows active fee cuts in June