View more on these topics

HSBC sees mortgage sales up 200%

Full-year results from HSBC reveal that its Rate Matcher campaign pushed up mortgage sales by 200%, with total new mortgage sales hitt-ing £17.1bn.

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.”


Helping Tories add up the sums

Those among you who believe that celebrity-fronted advertisements should come with a stern health warning might have raised an eyebrow at the beginning of this month, when it became known that former Countdown presenter Carol Vorderman is to head a Tory party task force to make maths fun.

Marketwatch 09/03/2009

Swaps had another mixed week. Short-term money is still falling whereas longer term rates continue to edge upwards.

Top down

If you’re the Queen of England and you have the right to do pretty much anything you want, you’d think you’d be able to dodge the credit crunch. Not so.

Trouble ahead - thumbnail

Pensions: trouble ahead?

The pace of change in the pension’s space has been little short of astonishing, and has left thousands of employers struggling to keep their pension policy compliant, and also on the right side of current best practice and governance. Many employers, and indeed many in the pensions industry itself, would like to see a period of no change during the next term of government. This would give all sides a chance to catch up and draw breath. 


News and expert analysis straight to your inbox

Sign up