HSBC mortgage offer is "innovative"

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HSBC mortgage offer is "innovative"

Fri 18th Apr 2008

HSBC's recent offer to match the interest rate of any borrower coming off a fixed-rate mortgage deal has been described by the Council of Mortgage Lenders (CML) as "a good example of market innovation".

The bank recently announced that it would match the previous rate of borrowers whose current mortgage expires before June 20th 2008 for a period of two years.

Customers will have to pay a fee in order to have their current rate matched.

"The HSBC offer … shows that there is still competition in the market despite the obvious spending pressures going on as a result of the credit crunch," Sarah Robinson, a spokesperson for the organisation, commented.

HSBC is the UK's ninth-largest lender, enjoying a 3.6 per cent share of the mortgage market.

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