HSBC UK reopens broker channel for mortgages

HSBC UK has said it has been working to increase capacity for mortgage borrowing, as it reopened its broker channel for a few hours on Friday.

Increased lender rates across the market resulted in significant demand for the bank’s mortgage products, and it made the decision to temporarily withdraw rates available via broker services on Thursday afternoon.

This was to ensure the bank could stay within its operational capacity and meet customer service commitments.

The bank has not been closed for all new mortgage business and made a temporary withdrawal via brokers only.

HSBC UK’s broker products will be available again on Monday, and all of its products and rates for existing customers are still available.

Swap rates, which underpin the price of fixed-rate mortgages, have been climbing generally following expectations over inflation and several lenders have increased their mortgage rates in recent days.

An HSBC UK spokesperson said: “We remain open to new mortgage business, however to help ensure that new customers get the best possible service, we occasionally need to limit the amount of new business we can take each day via broker services.

“All products and rates for existing customers are still available, and we continue to review the situation regularly.”

Speaking on website Newspage, Aaron Strutt, product and communications director at London-based mortgage adviser Trinity Financial, said: “HSBC has been receiving a huge amount of mortgage applications mainly because it has been offering cheaper rates than many of its competitors.”