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HSBC offer increase in availability of mortgage for extensions

Written by Sam Jones on 11 September 2012.

HSBC have announced that it will increase lending for home improvements and this will include the availability of mortgage for extensions.

The UK lender has pledged an increase of a further £2 billion to that already announced at the start of the year. Following plans by the UK Government to relax planning laws, homeowners will now be able to build extensions up to 8 metres long, without the need for the usual planning consents.

The increase in borrowing is welcome news for UK homeowners struggling to raise finance in the credit crunch. Overall lending is now at levels not seen since the mid-70’s as lenders reign in mortgages, using higher rates, increased fees and restricted lending criteria.

HSBC also announced that it has approved over £10.6bn of lending in the first 6 months of 2012 and the further pledge is likely to bring in overall lending of £17billion by the end of the calendar year.

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