Edeus offers cash to re-mortgage away

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Edeus is offering selected borrowers a cashback option to encourage them to redeem their mortgages early, Mortgage Strategy can reveal. As well as cash allowances, the firm says it will waive early repayment charges and will not charge borrowers exit fees.

These incentives are available to selected clients over an undisclosed period. Borrowers will be encouraged to contact the brokers who originally introduced them to Edeus to arrange re-mortgages with other lenders.

Borrowers who decide to remortgage elsewhere could be paid as much as £15,000.

It is thought the cash incentives have to be substantial enough to encourage customers to leave Edeus and to enable them to stump up enough money to secure lower LTVs on their re-mortgages.