HSBC Commits To GBP15bn Mortgage lending For 2012
Fri, 20 Jan 2012
HSBC has pledged to lend at least £15 billion in mortgages to UK consumers this year, including £3 billion for first time buyers .

The cash will be used by around 150,000 existing home owners and more than 27,000 people entering the property market for the first time.

The lender said the mortgage fund would represent a market share of more than 11 per cent, in line with the biggest market share the bank has ever had.

While the first-time buyer share of the market has shown signs of a recovering after hitting its lowest level in nearly three years last autumn, fears have been raised that those struggling to raise a deposit will be further hit when the current stamp duty holiday for first-time buyers ends this spring.

A spokesman for HSBC said the bank has been trying to help first-time buyers, adding that the maximum loan-to-value deal it offers of 90 per cent has "proved very popular with customers".

Martijn van der Heijden, head of lending at HSBC, said: "In 2011 we offered UK borrowers some of the most competitive rates around and we plan to continue this in 2012. While some estimates suggest mortgage lending in the UK will fall this year, HSBC has no intention of closing its doors to customers, nor will we compromise our reputation for responsible lending ."

"Today's announcement to make at least £15 billion available to UK homeowners with £3 billion explicitly for first-time buyers demonstrates HSBC's commitment to continuing to help people move up or indeed take the first-step onto the housing ladder."
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