HSBC increases Mortgage rates: Stocks tumble on 100 Mortgages

Global Lender HSBC Holdings (HKG:0005) have increased its mortgage rates in Hong Kong by up to 0.75 percent after concerns grow regarding higher lending risks as the financial crisis worsens.

A spokesperson for HSBC announced on Tuesday the mortgage rates will be increased by between 0.50 percent and 0.75 percent which equates to mortgage rate being between 3.5 percent and 4 percent, it was also confirmed the new rates came into effect on December 1.

HSBC have not made increases like this to its mortgage rates for a decade according to the South China Morning Post, the spokesperson for the bank also added that HSBC were following other local banks moves to raise mortgage rates.

By mid-afternoon on Tuesday shares in HSBC were at HK$79.55 a fall of 5.8 percent.

Source: Reuters

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