Monday, Dec 08, 2008
HSBC wants to start lending again
Telegraph: HSBC to increase mortgage lending
HSBC, the UK's largest bank, has provided a boost to homeowners after announcing it is to increase its mortgage lending by a fifth next year. HSBC is enlarging its planned mortgage fund in Britain to £15bn, a 20% increase on this year and almost double the amount it lent in 2007. Paul Thurston, HSBC's UK managing director, said: "By some estimates, net mortgage lending in the UK will fall next year, but HSBC has no intention of closing its doors to customers, nor will we compromise our reputation for responsible lending. We remain open for business to the tune of £15bn." [Smart business move or just talk?]
Posted by mountain goat @ 09:40 AM (782 views) Add Comment
8 Comments
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1. matt_the_hat said...
I had a chat with a mortgage advisor from this institution last week - when I explained that I was on the last 18 months of a 3.5 year contract - she said I was not eligible for a mortgage. I asked why - to my amazement she said that I could not tell her what I would be earning after that period - she seemed puzzled when I asked her "I suppose you are not accepting applications from people in permanent employment at the moment". To clarify I later reminded her that the average person in the UK probably only has a 1month notice period and that in the current economic circumstances I was a much safer bet. Don't worry I haven't sold out it I wanted to buy in a country that taxes captial (speculative) gains on peoples homes within a 10 year period.
2. Will said...
They can increase lending, but do we want to borrow it?
3. jackas said...
The canaries have started dying and one of the only miners that isn't sick is venturing further into the mine.
Well done HSBC.
4. tyrellcorporation said...
Show-boating from HSBC - it costs nothing and they have a headline.
5. str 2007 said...
matt the hat
Well I have a lady phoning me tomorrow from HSBC to tell me all about their 3.64% variable mortgage rate.
I want to know what their artificial floor is on this rate and what Base Rate it is based on.
Jackas/Tyrell
I do agree, but if HSBC are going to give money away at 'potentially 1.64% above base rate which most seem to expect to fall to zero people here should know about it.
Due to a good deposit I should in theory qualify for this mortgage, so in the interests of research it will be intersting to see if I qualify when you get past the headlines.
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