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Anyone used HSBC for mortgage/loans to buy property overseas?

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  1. #1

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    Anyone used HSBC for mortgage/loans to buy property overseas?

    I am thinking of buying a residential property for family in UK, but I am currently in HK with HSBC (also have an account in UK too).

    Has anyone been in the same situation and is it actually possible loan/mortgage from HSBC in HK rather than the local bank in UK? Given that I am working in Hong Kong.

    If so, would be interested to know some procedure and requirements. Do you need to have had an a/c with HSBC for at least a few years (as I have seen in another thread), and is it generally quite easy to do in terms of logistics?

    Apologies if this is a simple question, I just am not too sure about the procedure and whether this is even possible; I have a feeling it is easy to get a mortgage in HK than in UK, but I could be wrong.


  2. #2

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    Quote Originally Posted by CL630:
    Has anyone been in the same situation and is it actually possible loan/mortgage from HSBC in HK rather than the local bank in UK? Given that I am working in Hong Kong.
    This used to be possible a few years back but not these days. What HSBC (HK) will do for you is to facilitate the loan and help you get what you need from the UK side of the business (but they wont give you the loan from HKG).

    There is a team dedicated for this, go see them in Central at the HQ and they'll explain the whole process. Saw them 3 months ago...

  3. #3

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    I was offered a Buy to Let mortgage by HSBC London a few months ago, but fell at the final hurdle when asked if I had a tenant in the flat.

    It was a buy to let, and yes, I have a tenant. "Sorry, we can't lend if there is a tenant". Rather defeating the Buy to Let objective.

    Another poster here suggested I try HK and I was put in touch with Mr. Jack Guest, premier relationship manager at HSBC Expat dept. He works in HK for HSBC Jersey.

    They were surprisingly efficient and it only took a few weeks before I was offered a mortgage on reasonable terms with Jersey.


  4. #4

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    Quote Originally Posted by Cwbguy:
    Another poster here suggested I try HK and I was put in touch with Mr. Jack Guest, premier relationship manager at HSBC Expat dept. He works in HK for HSBC Jersey.
    They were surprisingly efficient and it only took a few weeks before I was offered a mortgage on reasonable terms with Jersey.
    Bingo - thats one of the guys; I couldnt remember his name.
    Nice guys to deal with. Didnt get a mortgage in the end but they were very helpful with information.

  5. #5

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    I tried contacting HSBC to do this three separate times (once at my local branch, once by calling head office and once by physically turning up to the head office), and they screwed up communications so badly that it was one of the final factors that caused me to change banks.

    What HSBC will (supposedly) do here is simply put you in touch with the international mortgage department of an overseas HSBC. I didn't find any value to be added by the HK and overseas entities sharing a common name.

    In the end I contacted a bank in Oz independently and ended up with a better rate and competent service. Another option would have been to contact the local rep office of on of the Australian banks as one of the reasons they exist here seems to be to provide foreign mortgages- this would have made posting paperwork a little simpler.

    Last edited by jgl; 20-06-2013 at 08:28 AM.

  6. #6

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    Quote Originally Posted by Cwbguy:
    I was offered a Buy to Let mortgage by HSBC London a few months ago, but fell at the final hurdle when asked if I had a tenant in the flat.

    It was a buy to let, and yes, I have a tenant. "Sorry, we can't lend if there is a tenant". Rather defeating the Buy to Let objective.
    One of the differences between HK/UK. UK loans subject to vacant possession at the time of purchase. Not an issue in HK.
    Another factor to bear in mind with HSBC is that the mortgage rate is lower with a Premier account. The bar for getting this is lower in UK than HK. UK: 50k sterling, HK: 1 million HKD.

  7. #7

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    Quote Originally Posted by walkup:
    One of the differences between HK/UK. UK loans subject to vacant possession at the time of purchase. Not an issue in HK.
    Another factor to bear in mind with HSBC is that the mortgage rate is lower with a Premier account. The bar for getting this is lower in UK than HK. UK: 50k sterling, HK: 1 million HKD.
    If it is subject to vacant possession why is it called a Buy to Let mortgage??

    You need 60K sterling in your combined accounts to get the better rates.

  8. #8

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    Quote Originally Posted by Cwbguy:
    If it is subject to vacant possession why is it called a Buy to Let mortgage??

    You need 60K sterling in your combined accounts to get the better rates.
    It is called Buy To Let on the basis that you are going to let the property out afterwards, but at time of purchase it is vacant possession.
    Your figure of 60k for Premier Account eligibility is incorrect. It is 50k in deposit and investment accounts (excludes current account figure) see: http://www.hsbc.co.uk/1/2/current-ac...nt#eligibility I should have added must put your annual income in as well so not really applicable if getting paid in Hong Kong.
    There is one way round that which is secure PA eligibility in HK, get upgrade to PA on your UK HSBC acount on the link, secure the UK mortgage and then with a UK income on the property you have a choice whether to maintain PA eligibility at either end, but if only UK, then need 50k on deposit.
    Last edited by walkup; 20-06-2013 at 11:10 AM.

  9. #9

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    Quote Originally Posted by walkup:
    Your figure of 60k for Premier Account eligibility is incorrect.
    Then the figure I was quoted a few weeks ago by Mr. Jack Guest of HSBC Expat differs from the website.

  10. #10

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    Quote Originally Posted by Cwbguy:
    Then the figure I was quoted a few weeks ago by Mr. Jack Guest of HSBC Expat differs from the website.
    I just checked. The criteria for Jersey is 60k, so different.

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