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HSBC to offer whole of market mortgage advice in branches

HSBC has teamed up with John Charcol to launch a seven month trial mortgage intermediary service on a whole of market basis.

HSBC’s Cambridge city centre branch, Market Hill, is the first to offer the service, with nineteen further branches rolling out under the trial on a phased basis over the coming weeks.

The service, to be known as HSBC ‘Mortgage Matcher’ is designed to appeal to the large number of HSBC customers who have not previously bought their mortgage from the bank or who would benefit from a type of home loan that HSBC does not currently provide.

HSBC’s long-standing policy of not selling its market leading mortgages through third parties is based on the bank’s desire to hold the primary relationship with its customers and to manage all of the sales process.

HSBC will continue to sell its own mortgages via its existing Mortgage Managers in all branches, with whole of market and HSBC only mortgage options open to customers in the twenty branches taking part in the trial.

HSBC has joined forces with mortgage intermediary firm, John Charcol, to administer the new ‘Mortgage Matcher’ service on its behalf.

Andy Mielczarek, head of retail products at HSBC, says: “We remain totally committed to funding our own mortgage business, with £15bn available for 2009 – double what we lent in 2007. However this service offers our customers who are less confident in deciphering the right mortgage deal for themselves, another reason to talk to us and gives us more options to help them.

“The service is a seven month trial, and as with all learning processes, at the end of the period we will assess its success and decide on the most appropriate way forward.”

With only twenty branches taking part in the service nationally, it may not be practical for all interested customers to use the service. HSBC will write to a number of customers who live close to branches participating in the trial, inviting them to take advantage of the new advisory service.


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By Paul Caruana-Galizia, Neptune Economist

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