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HSBC sees gross lending increase 12.12% to £13.2bn

HSBC boosted its gross mortgage lending by 12.12% in 2011, compared with 2010.

It reported gross lending of £13.2bn for 2011, up from the £11.8bn it lent in 2010.

The bank is claiming a 9.60% market share of gross lending, up from 8.75% in 2010.

It has also reported a pre-tax profit of £1.5bn for its UK business in 2011, up 17.2% on the previous year.

HSBC has pledged to lend £15bn in mortgages in 2012, which it estimates would equate to a market share of 11%.

Ben Thompson, managing director of Legal & General Mortgage Club, has welcomed HSBC’s increase in lending, even though the lender only offers its deals direct.

He says: “We hope that in time HSBC will find a desire to work with intermediaries. Brokers represent a cost-effective means of mortgage distribution, and the quality of intermediated mortgage business looks good compared with business originated through lenders’ branch and direct channels.”