HSBC targets mortgage market growth

November 12, 2019 by Brendan O'Neill

Lenders

The banking and financial services provider, HSBC is planning significant expansion into the mortgage sector, according to a new interview given by Ian Stuart, its chief executive.

Speaking to a reporter from the Mail on Sunday, Stuart indicated that it hopes to make this sector its main area for expansion and that it aims to grow its UK operations to double what they currently are. This would require HSBC to attract millions of new customers and up its annual turnover to £13 billion, something the firm hopes to achieve by moving further into the mortgage lending market.

The company’s current slice of the mortgage market stands at 7% and Stuart stated during the interview that there is a feeling within the company that this can be increased considerably. He added that growing HSBC’S mortgage lending portfolio was one of the main reasons he had taken on his role at the company.

The strategy that will be adopted by the bank to achieve this growth will be to look at particular demographics that it can offer targeted mortgages to, instead of reducing its mortgage lending rates wholesale.

Already, a spokesperson for HSBC says that it has brought in 42 additional mortgage brokers as partners, while the firm has also invested in improvements to its technology to enable new mortgage customers to be registered inside a week, instead of 49 days.

This announcement from HSBC emphasises the fact that it is an excellent time for those with a CeMAP mortgage advisor qualification to be entering the industry.