HSBC top mortgage lender for 2008
HSBC has enjoyed being named the top mortgage lender of 2008 recently, taking the title from the 2008 winner, which was the Furness Building Society.
The honour was given by an independent advisor, mform.co.uk, which stated that the lender was the most consistently competitive lender for last year when it came to mortgage lending. The market is assessed based on how many times each lender makes an appearance in the top ten best deals.
According to officials from mform HSBC managed to dominate the mortgage market for the best part of last year, and the bank is thought to be one of those that has suffered less than many other lenders as a result of the financial crisis and global credit crunch.
However, recently shares in the bank did plummet on the back of concerns about its finances. So far, HSBC has not taken any government bailout money, and a senior official from the bank has expressed discontent at the government’s demands to lower interest rates on borrowing.
The Cheltenham and Gloucester is also said to have fared well on the tables as assessed by mform, as has the Halifax, which is soon to merge with Lloyds TSB. Last year was a particularly difficult year when it came to mortgage lending, with tighter credit conditions stemming from liquidity for lenders drying up. Many have been unable to fund their lending activities effectively, with some having to turn to the government for bailout cash to help them out.
A number of industry officials have predicted that whilst last year was a difficult one in the mortgage industry this year could be even worse, with lenders expected to ration mortgage lending even further.
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