90% mortgages now available from HSBC

08-Apr-2009

HSBC's announcement today that it has allocated £1 billion towards 90 per cent mortgages could be great news for prospective home buyers.

The news comes just days after Abbey released an 85 per cent mortgage deal that is available exclusively for first-time buyers.

John Garner, group general manager of HSBC's personal financial services, said they wanted to give customers the "best possible deal on their mortgage."

HSBC's announcement said that the £1 billion commitment for buyers with ten per cent deposits would mean that first-time buyers and homeowners without a lot of savings could still take advantage of falling house prices.

According to the British Bankers' Association, the number of mortgage approvals in March was 16 per cent higher than in February. But this was still 30 per cent lower than statistics for February 2008.

Peter O'Donovan, head of mortgages at Bestinvest, said Abbey's introduction of an 85 per cent mortgage was "excellent" news for the property market and for first-time buyers.

He added that more lenders would follow suit and start to offer better deals.

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