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HSBC passes on BOE mortgage favour
4 December 2008 16:34
HSBC has become one of the first lenders to pass on the new Bank of England base rate in full to its mortgage customers.
Today (December 4th) saw the monetary policy committee slash the Bank's base lending rate from three per cent to two per cent, following last month's 150 basis point cut.
While it remains to be seen how many other lenders will follow suit, HSBC has cut its variable rate mortgage products by the full one per cent to 4.44 per cent, with its tracker deals also moving in line.
Paul Thurston, UK managing director for the bank, said that considering HSBC had lent 60 per cent more mortgages in the first three quarters of 2008 compared to the same period last year, it demonstrated how the firm was committed to supporting its customers during the economic crisis.
According to HSBC, the bank presently has around 15.6 million customers in the UK alone, offering a range of services including personal, premier and private banking.
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