HSBC announced this week that they would continue with their secured loan rate UK matching program for homeowners seeking to refinance their mortgages. When the company first rolled out their secure loan rate UK matching rate loans last month, consumers swarmed the bank hoping for a refinance. The bank decided to extend the offering to reach out to more consumers that are in need of a low secure loan rate UK. Martijn van der Heijden, head of mortgages at HSBC stated: “Importantly, the increase in business has not been at the expense of quality. We have maintained our conservative credit scoring, and have seen the average mortgage equal just 56% of the property it was secured against. While the mortgage market remains challenging for borrowers, extending the availability of our Rate Matcher mortgage means we can offer many customers an alternative to significantly higher monthly mortgage payments.”Other banks are still offering high secure loan rate UK loans, but many hope that HSBC will force them to stay competitive with their offer. Consumers can only benefit if banks decide to lower their secured loan rate UK products and many will be able to avoid foreclosure if this happens.
Related reading: Secured Loan Rate UK
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