HSBC extends mortgage service to all UK homeowners

Posted under General by Michael

There is good news for the worried homeowners of UK. HSBC bank has extended rate matching mortgage to UK’s homeowners. Those homeowners, whose fixed rate mortgage matures before August 31, will be eligible for loan up to 80%, subject to affordability clause.

The extension of services resulted in four fold increase in sales since 14 April. Bank has cleverly set such terms for the homeowners that number of applications for the matching deal will not exceed its pre set target.

The service will enable the homeowners to match two-year fixed rate at 4.54 per cent for additional 2 years. The homeowners will get loans up to 80% of LTV with maximum limit of £250,000.

Quantum of loan and interest rate will decide the amount of fees required to be paid initially. A fee calculator is available on HSBC web site.

Mortgage brokers will not be involved in the deal. Homeowners will have to visit HSBC local branches to avail the services.

Martijn van der Heijden, head of HSBC says that Rate Matcher has received overwhelming response from UK homeowners. HSBC serviced 37,000 calls in the first four days itself. Sales are continuing at four times the normal value. He emphasises that rise in business is not at the expense of quality.

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