Wednesday, August 11, 2010

HSBC's mortgage market share up by 3%

HSBC has managed to raise its market share by 3% in the first 6 months of 2010. Recently the bank also announced its ore tax profits that reached the £7 billion mark. This figure has risen by £3.1 billion when compared to the past 6 months.

Mortgage lending in total has risen by 3% after December 31 2009 to £60 billion. The growth of this sector was stagnant for a certain period because of remortgaging as many borrowers wished to continue with their existing lenders. This was mainly because of incentives on low SVR deals.

Most of the new business that the bank got was from its own savings and current account holders. This helped them in a big way in emerging out of losses and capturing the market share. Its loan impairment charges and delinquencies in the mortgage sector also reduced largely in the first 6 months of 2010. HSBC’s delinquency rate for 2 months dropped from 1.4% in December 31 2009 to 1.3% in June 2010.

The bank has also launched a tracker mortgage that tracks at 1.69% more than the base rate of Bank of England. The booking fee costs £99. This rate would be available to customers until August 15, 2010 who have a minimum of 40% equity in their homes. Recently the bank has also introduced a 5 year fixed rate mortgage at 3.95% at a booking fee of £599. The bank claims of accepting 80% of mortgage applications it receives after proper verification.

HSBC is aiming at providing the best of security and competitive rates to its customers that is giving it an edge over other lenders.

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1 comment:

  1. HSBC is great as well as Vancouver Mortgage Brokers was fantastic. He told it to us straight, told us the things we needed to do and ultimately, he gave us a goal to work towards.

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