30 Sep

Boost to FTBs 'is a comfort'

Boost to FTBs 'is a comfort'

HSBC's announcement of further lending to first-time buyers is an indication of the bank's belief in house-hunters' contribution to the property market, according to one expert.

Hannah-Mercedes Skenfield, mortgage spokesperson at moneysupermarket.com, said that HSBC has been one of the most visible players in the market throughout the economic downturn, as it has offered a range of excellent rates when other banks are avoiding lending altogether.

Her comments follow a decision by HSBC to make an additional half a billion pounds of mortgage funding available to homebuyers with deposits of ten per cent, bringing its total lending figures to £1.5 billion for people requiring 90 per cent loan to value (LTV) in 2009.

"The last year has seen lenders place far too much emphasis on equity over affordability and so it is encouraging to see HSBC grow its 90 per cent LTV lending book," stated Ms Skenfield.

She added that the bank is currently offering the most economical 90 per cent LTV deal available.

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