HSBC approves £4.9 billion UK mortgages in Q1

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£1.2 billion approved to first time buyers - record start to 2012, lending up 9%

HSBC today reveals that it approved £4.9 billion in mortgages to UK borrowers during the first three months of 2012, 9% more than a year previously and the highest quarterly amount it has ever approved.

Of this figure, £1.2 billion was approved for first time buyers, an annual increase of 18% and an average of £93 million per week or £19 million per day*. This means that HSBC has agreed to help over 10,000 borrowers take their first steps onto the property ladder; an average of 780 first time buyers per week or 160 per day in Q1 2012.

Earlier this year HSBC confirmed it would be making at least £15 billion in mortgages available to UK homeowners in 2012, including £3 billion specifically set aside for first time buyers.

Peter Dockar, Head of Mortgages at HSBC, commented: “We continue to offer UK borrowers some of the most competitive rates around and we remain open for business. Earlier this year we committed to make at least £15 billion available and our first three months of the year show that we are already well on our way to achieving this target.”

About HSBC Mortgages

·         HSBC was voted Best High Street Mortgage Provider and First Time Buyers’ Mortgage Choice by Moneyfacts in January 2012

·         HSBC was recognised as Best Mortgage Provider of 2011 by

·         In 2011 HSBC lent to 1 in 7 first time buyers, or 1 in 3 of those who chose to go direct to a lender

HSBC is currently offering a number of market-leading mortgage products including:

    A range of fee-free lifetime tracker products starting from a rate of 2.19% above base rate (currently 2.69%) for those with a 40% deposit
    A sub-4% rate for FTBs with a 10% deposit - 3.84% on a 2 year discount mortgage with no fees to pay

Note to Editors

*Based on 5 days a week

HSBC mortgages are only available directly from HSBC – they are not available from brokers or any other intermediaries.HSBC Bank plc: HSBC serves 16.1 million customers in the UK and employs approximately 52,000 people. In the UK, HSBC offers a complete range of personal, premier and private banking services including bank accounts and mortgages. It also provides commercial banking for small to medium businesses and corporate and institutional banking services. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc.        

HSBC Holdings plc: HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa. With assets of US $2,556bn at 31 December 2011, HSBC is one of the world’s largest banking and financial services organisations.

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Suman Hughes
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