UK Money News
9th April 2008
HSBC in re-mortgage pledge
HSBC has thrown a lifeline to homeowners coming to the end of their fixed rate deals.
Millions of Britons are set come to the end of the fixed-term of their deals this year, and are expected to be forced to commit to considerably more costly loans.
However, in a statement from HSBC, the lender has pledged to match existing deals for up to two and a half years.
The offer is open to both HSBC customers and those currently with other lenders, but is however conditional on the borrower paying a fee.
Joe Garner, UK personal services head at HSBC, said the current trend for mortgage lenders to withdraw deals represented an opportunity for the lender to capitalise and grow its market share.
He said: "We're in an incredibly strong position whilst others are stepping back. We remain competitive and are selective about the right sort of business."
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