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First-time Buyers

HSBC market share reaches 14%

vickyhartley
Written By:
vickyhartley
Posted:
Updated:
20/02/2013

Direct-only mortgage lender HSBC achieved

The sixth biggest UK mortgage lender in 2011 drove up market share to 14%, from 9.4% in 2011 and 8.3% in 2010, according to CML figures, lifting it into the top five in 2012.

In fact, the lender approved £19.5bn to UK mortgage borrowers last year, but some of these will count toward 2013 figures.

Last year, the lender approved £5bn to 177,000 first-time buyers, a 32% increase on 2011 at £3.8bn, or 111 new borrowers a day, promising to raise this to £6.5bn this year.

Antonio Simoes, head of HSBC in the UK, commented: “Last year we continued to increase lending to both our business and individual customers, and our mortgage market share has continued to grow.

“We are committed to helping the UK economy recover by continuing to support our customers through the coming years.”

The high street lender also reported £46.8bn in total lending to UK business and mortgage borrowers last year.

The bank is one of many forced to reassess its employee reward scheme, dropping sales targets in favour of service assessments.

Simoes continued: “We want our customers to know they can depend on HSBC to do the right thing for them and this is the absolute focus of our employees.”


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