HSBC approves £10.6bn of UK mortgages in first half of 2012
HSBC has revealed that it approved more than £10.6 billion in mortgages in the first six months of 2012, helping over 97,000 UK borrowers. This is an increase of 16% on the same period in 2011 (£9.1bn).
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 1 in 3 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 homeowners 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. Today, HSBC 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.
Peter Dockar, Head of Mortgages at HSBC, commented: "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.
"So we can help an increasing number of customers finance their homes, we are extending our mortgage funding pledge by an extra £2bn, meaning HSBC will make at least £17 billion available to UK homeowners this year."
HSBC is currently offering a number of market-leading mortgage rates for borrowers including:
5 Year Fixed Rate at 2.99% with a £1499 booking fee (60% LTV)
7 Year Fixed Rate Mortgage at 3.99% with a £1499 booking fee (60% LTV)
2.99% Lifetime Tracker (2.49% + BoE BR) - Fee-free (60% LTV)
4.79% Lifetime Tracker (4.29% + BoE BR) - £999 booking fee (90% LTV)
No booking fee
No standard valuation fee
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.