HSBC to Introduce Mortgage Matchers

HSBC bank, the 6th biggest lender in the United Kingdom, is launching a new “whole of market” advice service in its branches. Customers will be charged £150 to speak to a Mortgage Matcher, who will offer various deals even from HSBC’s rivals. It is important to note that even if the customer decides to take a loan from HSBC or First Direct (HSBC’s online brand), he or she will still be charged. As of today, the programme has been launched in Market Hill branch of Cambridge. If it proves to be successful, it will also be available in 19 other branches and later, nationwide. The bank has teamed up with one of the brokers, who will provide the best financial consultants to advise the customers. They will offer deals from the whole of the market and direct-only deals that are not generally recommended by brokers. Direct-only deals have become very popular in the UK in recent months as 2/3 of mortgage deals in the UK are now direct-only, that is, available directly from the lender (over the phone, online or in the office). It has been estimated that HSBC and its online brand First Direct have one of the best deals on the market and that is why customers are very likely to pick the deals from this lender. HSBC’s representative, Andy Mielczarek, claims that the bank is still committed to funding its mortgages with £15 billion for 2009. According to him, the new service is launched to help customers decide on the right mortgage deal. Some brokers are sceptical of the bank’s move, saying that in the past several banks to launch the whole of the market advice service, but all of them failed.