HSBC has signed its second mortgage broker agreement, with its range available to London and Country advisers from the start of next week.
The agreement will see the broker offer HSBC’s full residential mortgage range, up to 90 per cent loan-to-value, following on from its trial partnership with Countrywide last October.
Tracie Pearce, head of mortgages at HSBC, said that the previous partnership had enabled the bank to extend its relationship to London and Country, “and we’re committed to continuing to build on this as we welcome new broker partners”.
David Hollingworth, customer engagement manager at London and Country, told FTAdviser that this is a significant step for the firm and good news for the market as it shows their appetite to lend on the advised side.
“Given the appetite of HSBC, the successful completion of this next phase should pave the way for a broadening of access to other members of Legal and General’s distribution,” he added.
Jeremy Duncombe, director of the Legal and General Mortgage Club, commented that the launch should pave the way for other L&G Mortgage Club firms to launch with HSBC in the near future.
“This will help advisers to offer a greater range of products to their clients, meaning that they will be able to give more flexible advice to customers enabling them to suggest a deal that best suits their needs.”
HSBC also reduced rates on 26 mortgages by up to 0.4 per cent, along with launching best buys at 90 per cent LTV.
The new product range also includes a two-year fix at 1.69 per cent for up to 70 per cent LTV down from 1.74 per cent, and the continuation of its two-year discount rate at 0.99 per cent, available for up to 60 per cent LTV.
peter.walker@ft.com
