HSBC to hike UK mortgage fund by 20 pct

Wednesday, December 10, 2008

HSBC Holdings said it plans to increase the amount of funding it makes available for UK mortgages by 20 percent to 15 billion pounds ($22.07 billion) in 2009, the Wall Street Journal reported.

The bank hopes the move will increase its share of the UK mortgage market to 5 percent from 4 percent, an HSBC spokesman told the paper.

Many UK banks have reined in lending to homeowners amid the economic downturn and a sharp decline in property prices.

HSBC, which is Europe's biggest bank, will not relax its lending standards, the paper said.

The company could not be immediately reached for comment.

Source: Reuters.com