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HSBC promises to lend extra £2bn mortgages this year

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HSBC has confirmed that it will be making an additional £2bn of mortgage funding available to UK borrowers, with £1bn allocated to first-time buyers this year.

This will extend HSBC’s mortgage funding pledge to £17bn in 2012, up from £15bn announced earlier this year. It’s lending pledge to first-time buyers has increased from £3bn to £4bn.

The sixth biggest lender, which lent £11.3bn in 2010, signalled first its intention to increase market share in January.

Peter Dockar (pictured), head of mortgages at HSBC, said: “At a time when many other lenders are contracting their lending, we remain committed to helping more customers who aspire to own their own home and we approved a record number of mortgages in the first half of this year.”

HSBC also revealed it has approved more than £10.6bn in mortgages in the first six months of 2012, helping over 97,000 UK borrowers. This is an increase of 16% on the same period in 2011, where the figure stood at £9.1bn.

Of the total, £2.7bn was approved to first-time buyers.

Last week, the lender launched a five-year fix at a rate of 2.99%, available up to 60% LTV – the lowest fixed rate product on the market.

Dockar added: “With the security of our retail deposit funding we are committed to offering competitive rates to benefit our customers with what is for many, their largest monthly commitment.”

For the Mortgage Solutuions editor’s blog on HSBC, click here.

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