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HSBC offers 90 LTV mortgages
April 9, 2009
HSBC is to increase mortgage lending and re-introduce 90 per cent loan to value (LTV) mortgages.
The bank said that it has allocated £15bn for new mortgage lending in 2009, twice what it lent in 2007. And £1 billion of that has been set aside for mortgages with LTVs up to 90 per cent. Borrowers can expect to pay 4.99 per cent interest.
Joe Garner, group general manager of HSBC's personal financial services says: "Although house prices have fallen, and continue to fall, they won't fall forever. 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. This is a one billion pound commitment and it says we appreciate our customers' loyalty."
HSBC is the latest in a series of banks to say publicly that they will offer mortgages at up to 90 per cent LTV. Royal Bank of Scotland and Northern Rock have both launched similar products recently.