HSBC aims to expand UK mortgage market share
Written by admin on April 8th, 2008 in UK Business.
News today has stated that HSBC is offering two year extensions on fixed rate mortgages that were sold by competitors who are reducing the mortgage share holding or raising rates in the UK.
Starting on the 14th April for five week, the offer comes with applicable fees and also states that owners must have equity of 20% of the properties value.
A spokesman from HSBC explained that this unusual eagerness in current financial markets to buy up existing mortgages with rate deals is as a result of its far eastern businesses that are extremely liquid, as HSBC currently has a “surplus of funding”.
The proposed deal will be welcome news to people with mortgages coming off fixed rate deals in current financial markets.
It is estimated that 1.4 millions home loans are to reset this year and will force borrowers to shift to variable rates.
The bank also said that is will extend loans with fixed rates as low as 4.5 per cent.
HSBC also offers a range of current account options including the bank account and bank account plus.
