September 30th, 2009 
admin 
According to mortgages news today, mortgage lender HSBC has allocated a fund of extra pledge loans for first-time buyers, which could help thousands get onto the property ladder for the first time. The Bank of England recently revealed a fall in mortgage approvals during the August, the first in some 10 months, since the bottom of the market.
The 500 million pounds of extra lending budget will be placed atop the 1 billion pounds already lent by HSBC to those borrowers who can only raise a 10% mortgage hoard . The bank has been the most active lender during the first half of this year, and the next stage in their funding may help to consolidate this position.
The head of mortgages at the lender, Martijn van der Heijden, reportedly commented: “Prices seem to have bottomed out and rates are low so many of those who put off buying last year are looking around.”
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Tags: Buyers, First Time, Time Buyers