HSBC approves 15,000 first time buyer mortgages

HSBC has revealed that it approved more than 15,000 first time buyer mortgages in the first five months of 2012.

In January, HSBC confirmed it would be making at least £15 billion in mortgages available to UK homeowners in 2012, including £3 billion specifically set aside for first time buyers. By the end of March, HSBC had already approved £4.9 billion in mortgages to UK borrowers, with £1.2 billion of this approved to first-time buyers.

Peter Dockar, Head of Mortgages at HSBC, commented:  "We are committed to helping UK borrowers with the aspiration to own their own home and continue to offer competitive rates to both first time buyers and existing homeowners."

HSBC is currently offering a number of market-leading mortgage rates for borrowers with a 10% deposit including:

2 year discount rate of 3.84% with no fee
Lifetime tracker rate of 4.79% with a £999 booking fee
2 year fixed rate of 4.99% with a £599 booking fee

To further help those with a smaller deposit, HSBC has raised the maximum loan to value on new build property to 85%, allowing those with a 15% deposit to apply for a mortgage against a new build property.