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HSBC announces increased lending plans
12 December 2008 17:13
HSBC has revealed that it intends to increase its mortgage lending by a fifth over the next year.
The company claims it will lend as much as £15 billion in home purchase loans during 2009, in response to calls from the government for increased lending.
The announcement also comes on the back of recent Council of Mortgage Lenders statistics, which showed that new home loan value had plunged by 57 per cent over the last year.
Paul Thurston, managing director of the bank, commented that while many were estimating that net mortgage lending would fall over the next 12 months, HSBC did not plan on giving its customers the cold shoulder.
He added that despite its vow to increase the amount of mortgages it sells, it had no intention of compromising the corporation's reputation as a responsible lender.
In related news, the government recently announced details of its Homeowner Mortgage Support Scheme, which allows those who fall out of employment during their home loan's term to defer part of their payments.
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