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HSBC to bring brokers in-house, charge fee

Staff Reporter 1 minute read

HSBC is set to trial a new mortgage matching service in the UK that will bring ‘impartial mortgage brokers’ in-house to offer advice to consumers seeking a home loan, and charge them a fee.

Traditionally a direct lender to consumers, HSBC will partner with brokerage John Charcol to provide advice to consumers on the best mortgage deals available for a cost of £150 (A$309).

UK-based Datamonitor financial services analyst Roderick Logan said HSBC had forecast a 20 per cent increase for total lending for 2009 compared to 2008, indicating that it must be confident a substantial number of consumers will choose a HSBC product.

If the customer chooses a rival product the bank will still make £150 (A$309), “benefitting from a borrower who is unlikely to have chosen HSBC as a mortgage provider anyway” he said.

 

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HSBC to bring brokers in-house, charge fee
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