HSBC 'increases funds for first-time buyer mortgages'

01-Oct-2009

HSBC has announced it is to increase its funds for home loans and first-time buyer mortgages, it has emerged.

The bank claimed it is to make some £500 million available to house hunters applying for 90 per cent mortgages.

According to head of home loans at the bank Martijn van der Heijden, this reflects an increasing optimism in the UK that house prices are beginning to plateau.

He explained that this year, the firm made £1 billion available to buyers with ten per cent deposits and that the high demand for the products prompted the decision, adding that this is a "vital segment of the market".

"Today we are reinforcing this commitment with a huge increase in the funds available for both first-time buyers and home movers," he remarked.

Meanwhile, the Mansfield Building Society recently announced it would once again be offering 100 per cent mortgages for people applying through a South Yorkshire Housing Association shared ownership scheme.

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