HSBC: Coming years difficult for mortgage borrowers

Date:Wednesday 3rd March 2010
Author: Max Freedman

The next few years could be difficult for mortgage borrowers as rates may begin to rise further, according to HSBC.

Martijn van der Heijden, head of mortgages at HSBC, commented that the coming year will be difficult to predict in terms of how much rates will change and stated that for many borrowers some volatility is to be expected.

He continued: "The message for borrowers is that if you couldn't afford an increase of up to three per cent on your mortgage, you should seriously look to fix your payments."

For consumers who are unsure how they will cope with any changes to mortgage rates, Mr Van der Heijden reminded customers that there are mortgage specialists on hand to give them advice.

At the start of the year, HSBC offered a mortgage with a rate of 2.29 per cent for a loan-to-value of 60 per cent as part of its annual January Sale promotion.