HSBC offers group mortgages for first time buyers

08-Sep-2006

Over the last nine months, HSBC has increased the number of group loans to first time buyers by around 50 per cent; because house-prices are increasingly unaffordable, HSBC has estimated that around 75 per cent of first time buyers are considering buying in groups.

"We are addressing customer need. First time buyers are increasingly unable to meet traditional lending criteria as a result of house-price growth," said Barry Blackshaw, manager of lending markets for HSBC.

"As prices are unlikely to fall any time soon, we are expecting this trend to continue," he added.

Because of the increasingly high-costs of meeting the financial costs of a first home, first time buyers borrowing 3.21 times their annual income.

In addition to mortgages, HSBC offers a number of products, including current and savings accounts.

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