New HSBC mortgage funding announced

Date:Wednesday 8th April 2009
Author: Susanna Kavka

HSBC has revealed that it has allocated an additional £1 billion to a new range of mortgages with loan-to-values (LTVs) of up to 90 per cent.

According to the lender, the money forms part of the £15 billion it has set aside for total new mortgage lending over the course of this year.

The new home loans will be available to HSBC Plus account and Premier customers.

One product the firm is to offer is to have a rate of 4.99 per cent and will be available on a two-year fixed-rate basis.

Joe Garner, group general manager of HSBC's personal financial services, commented: "At HSBC, we are standing by our customers through thick and thin and these changes mean we can continue to give customers the best possible deal on their mortgage."

She went on to describe the £1 billion of new lending commitments as a demonstration of the firm's appreciation of customer loyalty.

Recently, Abbey announced it was launching a new four-year fixed-rate deal at 5.84 per cent available exclusively to first-time buyers.