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buying a flat in the UK

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  1. #11

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    Quote Originally Posted by bdw:
    National Australia Bank Hong Hong offer HKD mortgages for properties in Australia, New Zealand, and UK. The main benefit of this is the cheaper cost of borrowing HKD, normally around 2-3% interest rate. I have no idea what interest rates are like with UK banks at the moment, but Australia is typically 4-7% I think.
    [URL="[/URL]
    thanks for the inform.
    what is the min deposite precentage for a typical house mortgage?

  2. #12

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    Quote Originally Posted by aloc:
    i am looking at the "buy to let" mortgage too. what is the difference to a standard mortgage? will i be qualified to apply if i am not a UK citizen?

    i can stay in the uk up to a week but am worried it is not much time to deal with the bank. is it possible to completed the flat purchase contract and deal all the mortgage/ legal stuff after i come back to hk?


    thanks
    My issues mainly related to starting a relationship with an estate agent/bank. I think once you have one (i.e. you have been in once and they know you) it may get easier. Certainly I purchased two properties in NZ from outside the country after a one-week trip.

    In the UK, a buy-to-let mortgage is a safer way to get a mortgage on a property you are not going to live in. They are often a little more expensive than a residential mortgage, but often the residential mortgages have clauses that say you have to live in the property. They usually also specify you must take out specific landlord insurances etc.

  3. #13

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    Quote Originally Posted by Trance Omega:
    We just got a place in Clapham. Never went to view the place as we have no intention of ever living in it. Brand new build from a reputable company I did plenty of research on. In fact another geo member bought a unit in the same bloke hence another reason why to never go and stay there.
    Was it the library by any chance ? I looked at the library and decided against it...but did like the look of the place...

  4. #14

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    Those who bought in the Library Building (Clapham One) have made a lot of money I believe!

    There are numerous agents and advisors selling UK property in HK - it's very easy to buy new off plan property without ever going to view - although do do your own research on the location and pricing.

    As for mortgages, UK based banks won't lend to non-residents so you'll need to use an overseas bank. Suggest you speak with a broker who specialises in non-residents such as the one mentioned above.


  5. #15

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    Quote Originally Posted by Beanieskis:
    As for mortgages, UK based banks won't lend to non-residents so you'll need to use an overseas bank. Suggest you speak with a broker who specialises in non-residents such as the one mentioned above.
    First part is incorrect. Many UK banks have lent to non-residents in the past (I'm a Canadian and have never lived there) and some still do.

    The second part is good advice : Broker will make life a lot easier.

  6. #16

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    HSBC Jersey for a start.


  7. #17

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    As you can see from this article in the FT, plenty of "foreigners" buying property in the UK (75% of new homes in inner London apparently!):

    http://www.ft.com/intl/cms/s/0/605cd...#axzz2u3IvAR3k

    However, it's possible that it may become much more difficult for non-EU residents to buy in future (if the UK decides to follow Australia's model) so buying sooner rather than later might be a good idea:

    http://www.theguardian.com/business/...housing-market


  8. #18

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    This is an interesting A-Z of expat mortgages although to summarise they're basically a lot harder to find these days:

    http://www.international-mortgage-pl...-mortgages.htm

    And some current expat mortgage rates:

    http://www.international-mortgage-pl...gage_rates.htm

    Last edited by bibbju; 22-02-2014 at 08:31 PM.

  9. #19

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    Quote Originally Posted by Gruntfuttock:
    HSBC Jersey for a start.
    HSBCUK (the normal one) also made me an offer....Looking at the post from bibbju, that might have been due to my premier status as well as the fact that I hold several other mortgages with them.

    To find out who offers what, check with a friendly mortgage broker. Several ppl were recommending liquidExpat a while back - they should know the latest.

  10. #20

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    HSBC Jersey is not really a UK bank (although it appears to be in some respects). I am a customer myself, and it is specifically aimed at expats / non-UK residents / people who want their money offshore.

    You say some UK banks used to lend to non-residents - absolutely - but which do now? If you are aware of some I'd be very keen to know! Also there is an exception - some UK banks will lend to Brits who are temporarily living overseas, and who say it's for them to live in when they return and will be let in the short term. But this won't apply to most non-residents looking for a buy to let mortgage.

    Finally - only 75% of new build property central London property is sold to non-residents, as a % of total property transactions it is much much lower. This is for several reasons; until recently, the off plan market in the UK had dried up as UK residents were wary - therefore developers marketed overseas; if you are non-resident it's much easier to buy a new property from plans and a brochure, than an older property that you need to view; central London property is prime and therefore expensive - it attracts very wealthy buyers who may not be British; other nationalities prefer to buy new property - whereas many British like to buy something older to which they can add value, or something with more character.

    The British as a nationality remain the single biggest buyer of London property in every segment of the market. The second biggest group are Europeans, not Asians.