HSBC offers £500,000 for home mortgages
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HSBC has put an extra £500,000 up for borrowing to allow those who can only afford small deposits to get a mortgage.
High street bank HSBC has allocated half a million pounds to help those looking to take out a home mortgage get the financing they need.The bank had previously set a target of £1 billion worth of mortgage lending for 2009, but since reaching this the firm has decided to offer £500,000 more especially to first-time buyers with small deposits.
It is thought the money will be used for HSBC's 90 per cent loan-to-value home mortgages, allowing greater access to the market for those with limited funds.
Research by the bank last year found that ten per cent of Brits were holding off buying a house because prices were in the midst of falling, but now first-time buyers are wanting to get on the ladder.
Martin van der Heijden, head of mortgages at HSBC, said: "It is a different picture today - houses prices seem to have bottomed and rates are low - and many of those who put off their purchase last year are starting to look around again.
"HSBC has been out there throughout the recession, staying open for business for our customers. While other lenders were in retreat, we became the UK's largest lender in the first half of 2009 on a net lending basis," he added.
Click n Go Mortgages recently said that fixed-rate deals are still at high levels of interest despite the base rate being at an all-time low and the London Inter-Bank Offered Rate falling.
According to the firm, more people are turning away from fixed-rate mortgages because the rates are too high and tracker deals are currently providing a much cheaper alternative.
Written by Karen Eliot
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