22 Sep

Consumers flock to HSBC mortgage deal

Consumers flock to HSBC mortgage deal

HSBC has seen a huge increase in interest from customers since launching its discounted variable mortgage on September 1st.

Head of mortgages Martijn Van Der Heijden said that although there has been some unfounded speculation that the bank's 1.99 per cent deal would be reserved for a minority, in reality well over half of the UK's 11.5 million mortgage holders qualify for it.

As a result, online traffic to the mortgage section of HSBC's website has doubled and call volumes have increased by 78 per cent compared with July and August.

"HSBC continues to accept more than seven in ten applicants. We remain very competitive and open for mortgage business," stated Mr Van Der Heijden.

Meanwhile, Ben Wilkie, editor at What Mortgage magazine, recently commented that he hopes other lenders will follow the bank's lead, after Woolwich announced that it is introducing a one-year tracker mortgage with a rate of 1.98 per cent.

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