HSBC to provide an extra £2 billion for UK home buyers in 2012
23-07-2012
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Of the total figure £2.7 billion was approved to first time buyers, helping 23,500 take a first step onto the property ladder. This equates to over 900 first time buyers each week or 130 per day.
HSBC is the largest direct lender to first time buyers and one in three direct first time buyer mortgages is through HSBC.
In January, HSBC confirmed it would be making at least £15 billion of mortgage funding available to UK home owners in 2012, including £3 billion specifically set aside for first time buyers. By the end of June, HSBC had already approved more than two thirds of this figure.
Now HSBC said it is extending this commitment with an additional £2 billion for UK borrowers, taking the total for the year to at least £17 billion, including a further £1 billion for first time buyers.
‘At a time when many other lenders are contracting their lending, we remain committed to helping more customers who aspire to own their own home and we approved a record number of mortgages in the first half of this year,’ said Peter Dockar, head of mortgages at HSBC.
‘So we can help an increasing number of customers finance their homes, we are extending our mortgage funding pledge by an extra £2 billon, meaning HSBC will make at least £17 billion available to UK home owners this year,’ he added.
HSBC is currently offering a number of market leading mortgage rates for borrowers including: 5 Year Fixed Rate at 2.99% with a £1,499 booking fee (60% LTV); 7 Year Fixed Rate Mortgage at 3.99% with a £1,499 booking fee (60% LTV); 2.99% Lifetime Tracker (2.49% + BoE BR) Fee free (60% LTV); 4.79% Lifetime Tracker (4.29% + BoE BR) with a £999 booking fee (90% LTV).
Fee free means no booking fee, no standard valuation fee and no completion fee. HSBC will cover the cost of one standard valuation where this is required by HSBC as part of the mortgage application. Additionally, where it is a straight forward transfer from another lender, HSBC also pays the standard legal costs.
