Get notifications in real-time for staying up to date with content that matters to you.
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.
Who do you aggregate through?
Thank you for your vote, you can see the results here.
Court rules against bank for ‘unfair’ loan terms
The Federal Court has declared a number of loan contracts entered...
RBA, APRA sing different tune on serviceability buffers
APRA chair Wayne Byres has dismissed the need for a cut to the bu...
Remodelled FHB scheme cops backlash
From 1 July, all applications for the FHLDS will require a Notice...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Receive breaking news direct to your inbox each day
