With most of the mortgage news focusing on mortgage products being withdrawn, HSBC were able to announce that they have seen a fourfold increase in the number of mortgages taken out.
Previously HSBC, had a low share of the market with only 3% of the market. This has enabled them to take advantage of the credit crisis and offer a ‘mortgage price matching offer’ This means that they will offer the same rates as any other market deal.
HSBC, say that many of the new customers have good credit ratings and are borrowing a low % of their total house value.
IN other news, the Council of mortgage lenders reported that the average cost of a UK mortgage increased last month, despite Bank of England Base rates remaining the same.
Prospects of future rate cuts were hurt on the news that inflation increased to 3%