HSBC increases mortgage funding commitment

HSBC is to make another £500 million available to home buyers requiring a 90 per cent loan to value mortgage in 2009.

The bank has reached the £1 billion it committed to lending earlier this year, but has now pledged to extend this budget.

Martijn van der Heijden, head of mortgages at HSBC, said demand had been very strong for borrowing over the past few months.

He added: "Houses prices seem to have bottomed and rates are low - and many of those who put off their purchase last year are starting to look around again.

"Today we are reinforcing this commitment with a huge increase in the funds available for both first time buyers and home movers."

Last week, Mansfield Building Society has announced the launch of a new 100 per cent mortgage for first-time buyers.

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2009-09-30 10:48:52 © Moneyextra.com