HSBC approves 15,000 first-time buyer mortgages since January
HSBC has approved more than 15,000 first-time buyer mortgages in the first five months of 2012.
The lender has also raised its maximum Loan to Value (LTV) on new-build property from 75% to 85%.
In January, HSBC confirmed that it would be making at least £15bn in mortgages available to UK homeowners in 2012, including £3bn specifically set aside for first-time buyers.
By the end of Q1, the lender approved £4.9bn in mortgages to UK borrowers, of which £1.2bn was approved to first-time buyers.
Peter Dockar, head of mortgages at HSBC, said: “We are committed to helping UK borrowers with the aspiration to own their own home and continue to offer competitive rates to both first-time buyers and existing homeowners.”
The deals on offer for borrowers with a 10% deposit include a two-year discount rate of 3.84% with no fee, a lifetime tracker rate of 4.79% with a £999 booking fee and a two-year fixed rate of 4.99% with a £599 booking fee.
The lender added: “We’re committed to putting new money in the market place and we’ve been able to do this because we’re retail-deposit funded and not reliant on the wholesale markets.
“We’re continuing to offer 90% LTV products, our no-fee products are proving popular and raising the new build LTV will help make a difference to first-time buyers.”