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  • 2 Post By drumbrake
  • 2 Post By stickyears

Long-term Mortgage on old buildings

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  1. #1

    Join Date
    Jan 2016
    Posts
    21

    Long-term Mortgage on old buildings

    Hi,

    I am looking into buying a property to live in.
    Those old 'stand-alone' buildings are in my budget.
    I am able to pay off 40% of down payment, so I need other 60% in mortgage.
    I found a house I like, and the building is 54 years old.

    Unfortunately, I just realized that banks put a cap on tenor (repayment) years based on building age.
    HSBC: 70-building age = 16 years (2.5% pa)
    Bank of Communications = 75-building age = 21 years (2.35% pa)
    CITIC: 80-Building age = 26 years (2.5% pa)

    As I just started working, I hope to do 30 years mortgage (might pay off earlier later or so).
    Does anyone know any banks that may provide a 30-year mortgage on 54-year-old property?

    Thanks.

    Last edited by simpsjk; 15-12-2019 at 11:08 AM. Reason: typo

  2. #2

    Join Date
    Aug 2006
    Posts
    6,361

    I would contact an agency such as mreferral. Years ago there was a lady called Macky Fung who worked there - very helpful. https://www.mreferral.com/

    shri and traineeinvestor like this.

  3. #3

    Join Date
    Dec 2002
    Location
    ???
    Posts
    29,184

    I second contacting mReferral. They have a pretty good knowledge of who will approve / duration of the loan.

    For a 30 year long loan, you'll also need to factor in your age if you're approaching 65 (or may be) / 70 in that 30 year period.


  4. #4

    Join Date
    Jan 2016
    Posts
    21

    Hi both,

    Thank you.
    I will contact mReferral about the mortgage.
    I do know the age-calculation limit, but that is not a problem at the moment.
    (long long work-years left to pay off mortgage...)


  5. #5

    Join Date
    Jul 2011
    Posts
    1,058
    Quote Originally Posted by shri
    For a 30 year long loan, you'll also need to factor in your age if you're approaching 65 (or may be) / 70 in that 30 year period.
    Also factor in that 30 year loans take you past 2047.
    shri and traineeinvestor like this.