HSBC's pledge to match fixed rate offers

Commenting on HSBC's pledge to match fixed rate offers coming to an end with other lenders, Louise Cuming, head of mortgages at price comparison site moneysupermarket.com, said: "This clever move will enable HSBC to dwarf lending by its competitors in the short term and underlines its determination to become a major player in the mortgage market. This is a bold decision in the current environment where some providers are falling over themselves not to feature on best buy tables.

"However, when an offer looks too good to be true, it usually is - HSBC requires a deposit of at least 20 per cent and will only accept applicants that fit strict criteria.

"Overall though, this is a short term marketing triumph. Amidst the credit crunch gloom, this will seem like a lifeline for many homeowners and undoubtedly the bank will be deluged with enquiries."