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HSBC mortgage lending increases 24%

HSBC 480

HSBC’s gross mortgage lending grew 24 per cent to £16.4bn in 2012, up from £13.2bn in 2011.

The direct-only lender’s market share in terms of mortgage approvals rose 2 per cent from 11.6 per cent in 2011 to 13.6 per cent last year.

A total of £19.5bn was approved for UK borrowers, representing a 20 per cent increase on the £16.2bn approved in 2011.

The lender says it approved four out of five first-time buyer applications, helping 40,500 new borrowers over the course of the year. A total of £5bn was lent to FTBs, representing a 32 per cent increase on £3.8bn in 2011.

HSBC UK head Antonio Simoes says: “Last year we continued to increase lending to both our business and individual customers, and our mortgage market share has continued to grow. We are committed to helping the UK economy recover by continuing to support our customers through the coming years.”

London and Country head of communications David Hollingworth says: “HSBC has been very aggressive in its pricing and so it would be surprising if that had not filtered through into the lending figures.

“It has continued to offer products up to 90 per cent LTV and shown a commitment to first-time buyers as well. You would expect it to have completed a decent amount of business on that side.”

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