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HSBC TO MAKE £3BN AVAILABLE FOR FIRST TIME BUYERS

HSBC TO MAKE £3BN AVAILABLE FOR FIRST TIME BUYERS (News (General))

by administrator @, Thursday, January 26, 2012, 11:23

HSBC has vowed to make £3bn available in mortgages for first-time buyers in 2012, a move which could help more than 27,000 people purchase their first homes.

The revelation is part of the bank's decision to offer £15 billion mortgages this year, which could help 150,000 people buy homes.

HSBC's move comes as experts predict that house sales could hit record lows in 2012 as financial institutions introduce stricter lending criteria as the economy continues to falter.

However, the move could help to unblock the housing market by ensuring that more first-time buyers can enter the market. People trying to sell family houses and downsize to a retirement property could benefit.

An HSBC spokesman revealed the bank had no plans to alter its lending criteria, adding: "We have always had a relatively conservative lending criteria."

It will still seek to ensure that loan deals will only be agreed if it is in the best interests of customers and shareholders. HSBC went on to reveal that its decision to offer £15 billion in mortgages in 2012 would see it control 11% of the mortgage market - its highest ever share.


www.hsbc.co.uk


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