RSS FeedsHSBC to jump out of UK mortgage type
03/04/2008
Over the past few months the credit crunch seems to be written about in nearly every mortgage related news item. The credit crunch has impacted the financial industry in every possible way and mortgages are no different.
Lenders have recently felt the squeeze and reacted by increasing the rates applied to their mortgages. Some lenders have in fact had some adverse affects and are performing well given the circumstance.
HSBC along with UK mortgage lending division First Direct has felt the minimal of the credit crunch impact and have benefited from increasing cost of borrowing. Business has been so good during January that First Direct will be shutting the door on a temporary basis on their 4.95% mortgage just until they catch up with the back logo that they have. For the meantime it looks as though customers will be offered their 4.99% mortgage deal.
According to Chief executive Chris Pilling from First Direct “We’ve seen unprecedented demand for our mortgages since January thanks to our highly competitive pricing and the decision of other lenders to raise rates,".