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HSBC ends mortgage trial with John Charcol

HSBC has ended its mortgage partnership with John Charcol saying it intends to focus on its direct mortgage proposition for the immediate future.

The mortgage matcher trial began in March 2009 and was scheduled to end on December 18 this year.

Although HSBC says the trial has been popular with customers who used the service, it is not immediately going to continue with a whole of mortgage market proposition.

However, HSBC says it is looking at future options for the development of a whole of market mortgage proposition and will include learnings from the partnership.

The Mortgage Matcher service will close to new business across the 20 branches taking part in the trial on the 18th December 2009 and all loan applications will be managed until drawdown in 2010.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Michael White CEO Email Mortgages 4th December 2009 at 3:01 pm

    And there was I thinking that HSBC seemed to be accepting that a large number of the potential customers who walk into their branches are to some extent marginalised by their lending policies and practices?

    By this I mean that HSBC’s lending criteria is significantly tighter than many other lenders and it has obviously been dealing with large numbers of individuals who do not fit these criteria, have not been accepted by the HSBC and have been left to walk out the door. Hence seeking the moral high ground by working with JC.

    What was always ‘interesting’ about this now ‘broken’ relationship is that HSBC had chosen a fee-charging firm as its preferred partner? Maybe it is this which has caused the rift?

    One area in which HSBC’s customers could have saved money was if they had used a fees-free adviser?

    In the meantime HSBC will now say that those customers who do not fit its lending criteria are being allowed to walk away and fend for themselves….TCF?

  2. Re Michael White comment. The implication is that HSBC (or any other lender for that matter) should accept all applicants regardless, for fear of not treating them fairly. Sounds like the type of approach that brought this industry to its knees.

  3. Michael White CEO Emailmortgages 7th December 2009 at 1:37 pm

    My apologies for such an implication. I have clearly been far to devious in my application of the acronym.

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