HSBC’s Cambridge city centre branch, Market Hill, is the first to offer the service, with nineteen further branches rolling out under the trial on a phased basis over the coming weeks.
The service, to be known as HSBC Mortgage Matcher’ is designed to appeal to HSBC customers who have not previously bought their mortgage from the bank or who would benefit from a type of home loan that HSBC does not currently provide.
HSBC’s longstanding policy of not selling its market leading mortgages through third parties is based on the bank’s desire to hold the primary relationship with its customers and to manage all of the sales process. This new service enables HSBC to continue with this policy. What this service aims to do is better meet the needs and requirements of more of the bank’s customers, by making thousands of mortgage products available to them.
HSBC will also continue to sell its own mortgages in all branches, with whole of market and HSBC only mortgage options open to customers in the twenty branches taking part in the trial.
The Mortgage Matcher service is fee based with a fee of £150 payable on drawdown and is the only Whole of Market’ service which includes HSBC mortgages.
Andy Mielczarek, HSBC’s head of retail products commented: “We remain totally committed to funding our own mortgage business, with £15 billion available for 2009 – double what we lent in 2007.
“However this service offers our customers who are less confident in deciphering the right mortgage deal for themselves, another reason to talk to us and gives us more options to help them. The service is a seven month trial, and as with all learning processes, at the end of the period we will assess its success and decide on the most appropriate way forward.”
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