HSBC extends Rate Matcher mortgage offer

  • Story by: Catherine Couch
  • Magazine: MortgageAdviser
  • Published Wednesday , May 14, 2008

HSBC has extended its Rate Matcher mortgage offer for a further six weeks.

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Since the campaign started on 14 April HSBC has averaged more than £100m in mortgage sales daily, which is more than four times the lender's normal sales volume.

The lender said its credit quality remained strong and the average loan-to-value (LTV) for new mortgages was 56 per cent.

Martijn van der Heijden, head of mortgages for HSBC, said: "Rate Matcher has been exceptionally well received by homeowners.

"We successfully serviced 37,000 calls in the first four days of the offer and we are continuing to sell almost four times our normal value of mortgages. Importantly, the increase in business has not been at the expense of quality.

"While the mortgage market remains challenging for borrowers, extending the availability of our Rate Matcher mortgage means we can offer many customers an alternative to significantly higher monthly mortgage payments."

The Rate Matcher mortgage is available to all UK homeowners whose fixed-rate mortgage period matures before 31 August, subject to affordability criteria and a maximum loan-to-value of 80 per cent.