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HSBC may deliver hammer blow to brokers

HSBC is about to launch cut-price deals for borrowers about to remortgage in a move that could strike a hammer blow to brokers.

The bank will on Monday launch a range entitled Rate Matcher, which will match existing cheap fixed rate deals.

The bank says borrowers facing the shock of potentially higher repayments at the end of their fixed rate mortgage period can now match their old rate by switching to HSBC.

The bank is targeting some of the 1.4m mortgage borrowers who will come off cheap fixed rate deals this year.

HSBC is set to exploit the gap in competitive deals left in the market after the serial product repricing by lenders of recent weeks.

HSBC, which deals directly with borrowers and could cut out customers’ needs to use brokers to find cheap products, may offer fixed rates as low as 4.5%.

Martijn Van Der Heijden, head of mortgages for HSBC, says: “Many home owners are worried about their monthly repayments going up and we can help take away that anxiety.

“Rate Matcher helps customers plan budgets over the medium term and eases the shock of seeking new borrowing when old rates expire. We’re pleased to be in a position to help.”


Mutuals see savings boom

Building societies recorded a whopping £1.35bn in savings business in February – the largest inflow the sector has seen for 11 years.Figures published by the Building Societies Association last week show that the February figure compares with £728m in the same month last year.Societies’ net receipts to cash ISAs increased by £7m in February while […]

Agents lose faith in housing market

Estate agents’ confidence in the housing market plummeted last month, according to’s confidence index. This reveals a 22% fall in confidence among agents in March compared with February. Shawn Luetchens, managing director of the property portal, says the result is due to a seasonal slowdown plus negative media coverage.

Steady as she goes for AR numbers

There has been little change in the total number of ARs in mortgage networks so far this year, although a couple of players have ambitious expansion plans, says Richard Griffiths

Learn more about bridging finance

Specialist lender Tiuta is to host a bridging finance training seminar for brokers on April 9.It will explore the use of bridging loans as a funding option, the loan application process and issues surrounding compliance.Gary Booth, director at Tiuta, says: “Bridging loans are often used as a last resort so not enough time is spent […]


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