New mortgage sales for the banking giant shot up dramatically from £9.1bn in 2007. It claims that it wrote more than £100m in mortgages every day during last April alone.
The lender’s total gross market share is now 7% – up from 2.4% the previous year.
HSBC’s mortgage book grew by 25% to £50.5bn at the end of 2008, compared with £40.4bn at the same time a year earlier.
Joe Garner, group general manager of HSBC Personal Financial Services, says: “Although 2008 was a difficult year for the overall mortgage market with the choice of loans on offer to consumers diminishing month-on-month, we con-tinued to innovate and stay open for business.”
HSBC has reaffirmed its pledge to boost its mortgage funding by 20% to £15bn this year.
Garner adds: “Our strategy of not chasing market share at any price in previous years, together with our traditional approach of funding mortgages with retail deposits, has placed us on a firm footing.
“In 2009 we will continue to lend on this responsible basis and have made available £15bn for new mortgage funding – double what we lent in 2007.”
Ray Boulger, senior technical manager at John Charcol, says: “HSBC is competing strongly in the 60% LTV market although its rates are not market-leading. It seems to be mainly targeting the low LTV end of the market and doing it pretty well.”