HSBC 'pushing for low-rate mortgage'

16-Apr-2008

HSBC is pushing a high-profile campaign which aims to attract mortgage customers affected by the credit crunch, which has seen interest hikes and reduced product availability.

The group hopes to boost its mortgage business by capitalising on the uncertainty in the property markets which has led many rivals to reduce their lending risks.

HSBC now plans to extend Rate Matcher mortgages to both new and existing customers, which will be welcome news for first-time buyers.

Moneysupermarket.com head of mortgages Louise Cuming has deemed it a "masterstroke" of marketing and a way of bolstering the bank's UK mortgage business, which "punches below its weight".

Commenting on the move, an HSBC spokesman said: "It is certainly a move to take more share of the mortgage market. It is reflective of the fact that we have always been a very conservative lender but when the opportunity is there, as it is at the moment, we have seized it."

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