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HSBC unveils sharer mortgage

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The UK’s largest high street bank, HSBC, Britain’s biggest bank, has launched a mortgage product to help first-time buyers get on the property ladder.

It will allow up to four borrowers to club together on their mortgage, taking all of their incomes into account when calculating how much it will borrow.

Since the end of 2005, the number of group loans issued by HSBC has soared by 50%, as rising house prices have pushed the property ladder out of the reach of thousands of aspiring homeowners.

New research by the bank has indicated that three quarters of first-time buyers would consider buying a house with friends.

While most mortgage lenders currently allow up to four borrowers to buy together, most will only take the two biggest incomes into account when calculating the maximum loan available.

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