Sky News - HSBC will let you borrow 6.5x your income for mortgage - if you earn enough
Sky News reports that HSBC has announced it will start allowing would-be homeowners to borrow up to 6.5 times their salaries, but it isn't on offer to everyone.
Eligible customers will need to have a Premier account at the bank, which is only available to individuals who make more than £100,000 a year. The loan also needs to be below 90% of the property's value.
Aaron Strutt, from mortgage broker Trinity Financial, told Sky News this policy change made HSBC "more generous than virtually all of the other banks and building societies" out there.
"I am pretty sure this change will get HSBC a lot more business - especially as many applicants only need slightly more generous loan sizes to buy the properties they want," he says.
"Affordability is clearly a huge issue in the mortgage and property markets. HSBC is trying to address this - mainly for higher earners at the moment."
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