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HSBC to Lend Extra 350 Million Pounds To First Time Buyers
HSBC has pledged to lend a further £350m to mortgage borrowers with a deposit of 10% to 15% by the end of this year, launching a range of fee-free deals from 3.99% to back the move.
HSBC said "at least" £250m has been reserved to lend specifically to first-time buyers.
Its new range of 85% and 90% LTV deals includes lifetime trackers and fixed rates, all available with no fees.
The new 90% LTV range includes a lifetime tracker at 4.09% above base rate, a two-year fixed at 4.49% and a five-year fixed rate at 4.89%.
Up to 85% LTV, deals include a lifetime tracker at 3.49% above base, a two-year fixed at 4.29% and a five-year fixed at a 4.69%.
HSBC said that, so far in 2011, it has lent more than double the amount to borrowers with a 15% to 20% deposit, than it did during the whole of 2010.
Peter Dockar, head of mortgages at HSBC, said: "In 2011, we have continued to offer very competitive rates and great advice to those with a relatively small deposit, which has helped us to increase the amount we have lent to first-time buyers.
"The announcement of fee-free rates and a pledge to make a further £250m available to first-time buyers in 2011 shows HSBC's commitment to continuing to help people get on the housing ladder."
