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Mortgages News - Last Updated Monday 8th December 2008 Syndicate this
HSBC set to attack the UK mortgage market

Monday 8th December 2008

After announcing a small business fund at the weekend HSBC has today announced a �15 billion cash injection to its UK mortgage operations which will come into play in 2009. This is roughly twice the figure the company lent to mortgage holders in 2007 at the peak of the UK property market. There is hope that the increased stimulus of the �15 billion cash injection will not only assist the housing market but also prompt further interest from banking competitors who do not want to be left behind.

This move by HSBC was somewhat unexpected but has been welcomed by the government, charitable organisations and homeowners alike. HSBC is looking to increase its near 3% share of the market in 2007 and build on this for the future as others in the UK continue to suffer. Many analysts believe the company is able to inject this significant amount into the market because of successful Far East operations which have been hit to a lesser extent by the worldwide economic slowdown.

If the bank were to lend �100,000 on average per borrower this will offer exposure to 150,000 homes in UK and offer a perfect springboard for the future. While others flounder and refuse to add liquidity to the UK mortgage market, HSBC may well have picked the perfect time to make its move.

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