HSBC increases mortgage finance for first-time buyers

www.moneynews.co.uk > HSBC increases mortgage finance for first-time buyers

HSBC increases mortgage finance for first-time buyers

Tue 29th Sep 2009

HSBC has increased the amount of mortgage funding for first-time buyers by committing more of its lending capacity to 90 per cent loan-to-value (LTV) deals.

Martin van der Heijden, head of mortgages at the bank, stated that the organisation has added £500 million to the funds available for 90 per cent LTV deals.

He put this down to demand being very strong in the sector and he claimed it is important for HSBC to be able to "stay open for business" for borrowers.

Mr van der Heijden said: "We are reinforcing this commitment with a huge increase in the funds available for both first time buyers and home movers."

In total, HSBC is making £1.5 billion available to applicants of 90 per cent LTV mortgage deals this year.

This month, HSBC brought out a market-leading 1.99 per cent interest discount mortgage, which has a maximum of 60 per cent LTV and a booking fee of £1199.

Click here for more mortgage news