HSBC pledges more mortgage lending in 2009

[Mortgages]

HSBC is planning to lend 20% more to potential homeowners during 2009 than it lent in 2008, and almost double the level of mortgage funding to borrowers in 2007. Following the government’s request for banks and building societies to resume lending, the largest bank in the UK has pledged to lend up to £15bn in a [...]

More: HSBC pledges more mortgage lending in 2009

[Paul_MN]

The downside of this is that it doesnt look like it will benefit the first time buyers. This is an excerpt from the full article:

But HSBC said it was not trying to stimulate the property market by bringing in first-time buyers who would otherwise continue to be frozen out.



Much of its lending is likely to be to existing borrowers who are either moving house, or simply staying put but moving their mortgage deals.


And it will continue to charge much higher fees and interest rates for borrowers, such as first-time borrowers, who put down smaller deposits.