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HSBC raises maximum newbuild LTV to 85%

HSBC is increasing its maximum loan-to-value ratio on newbuild mortgages from 75 per cent to 85 per cent.

The move, which will come into effect in the next couple of weeks, is to compensate for the fact the bank does not have a dedicated product for the Government’s mortgage indemnity scheme NewBuy.

HSBC spokesman James Thorpe says the bank has seen demand for newbuild mortgages, particularly from firsttime buyers. He says: “There is
a definite appetite for us to help more first-time buyers. We have not got a NewBuy product yet so this is moving in that direction. We have always been a supporter of the scheme and we are working towards having a product for it but we have no timescale yet.”

HSBC has earmarked £15bn of mortgage lending for 2012, with £3bn reserved for firsttime buyers. Lentune Mortgage Consultancy director Stuart Gregory says: “It can only be a good thing to see lenders help first-time buyers in this way but it would be good to see the product available to intermediaries.”


Hornbuckle nears deal for a strategic partner

Hornbuckle Mitchell is in final stage talks with three potential investors and has not ruled out a sale of the business. In June last year, Money Marketing revealed the Sipp and SSAS provider was searching for a “strategic partner” to inject capital in the business due to concern that increased FSA capital requirements could stall […]


Q&A: What the Arch cru redress scheme means for firms

What is a consumer redress scheme? New powers were given to the FSA in 2010  to create consumer redress schemes to deal with specific market failures. Under section 404 of the Financial Services and Markets Act the FSA can require firms to review their sales and, where relevant, pay redress. The FSA can set up […]

Conservative MP calls on SFO to investigate Arch cru

Conservative MP David Davis has written to the Serious Fraud Office in a bid to get them to investigate the suspension of the £400m Arch cru fund range. According to The Financial Mail on Sunday, Davis says there is a number of concerns in the run up to the suspension that he wanted to bring […]

European Opportunities: 'It’s nice when stock selection results in a macro tailwind'

Amid significant macro headwinds in August, Mark Page explains why his fund’s focus on stock selection has helped it outperform a falling market in August. BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy


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