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HSBC pledges £350m to FTB lending

HSBC has committed a further £350m to first-time buyer lending and launched a raft of competitive high LTV deals.

The bank says it will reserve a minimum of £250m in funding for those with a 15 per cent or 10 per cent deposit by the end of this year.

It has also launched a number of 85 per cent and 90 per cent LTV mortgage products, all of which are fee free.

At 90 per cent LTV, HSBC is introducing a lifetime tracker at 4.09 per cent above base rate, a two-year fix at 4.49 per cent and a five-year fix at 4.89 per cent.

And at 85 per cent LTV, it is launching a lifetime tracker at 3.49 per cent above base rate, a two-year fix at 4.29 per cent and a five-year fix at 4.69 per cent.

HSBC says it provided a mortgage to one in eight first-time buyers in 2011 and the amount it has lent to those with a 10-15 per cent deposit so far this year is already double what it lent in 2010.

Peter Dockar, head of mortgages at HSBC, says: “In 2011 we have continued to offer very competitive rates and great advice to those with a relatively small deposit which has helped us to increase the amount we have lent to first-time buyers.

“Today’s announcement of fee free rates and a pledge to make a further £250m available to first-time buyers in 2011 shows HSBC’s commitment to continuing to help people get on the housing ladder.”

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