I have long standing HSBC HK UK and expat accounts, maybe that is the difference
I have long standing HSBC HK UK and expat accounts, maybe that is the difference
I have a similar problem. I am trying to get a mortgage to buy a new-build property in the UK. I contacted HSBC HK, who forwarded me to HSBC UK, who told me it would take 3-4 months to process a mortgage application but only after my offer has been accepted on a specific property, i.e. after I have reserved a specific property.
The problem is that most developers require contracts to be exchanged (along with a 10% deposit) 28 days after reservation, so that would force me to put down a 10% deposit without actually having secured a mortgage first. If for whatever reason my mortgage application gets turned down, I lose my 10% deposit (and the property obviously). I do not know how I can get around this chicken-and-the-egg problem. Has anyone else encountered this problem? Or is everyone just buying with cash these days?
I do not know why HSBC UK cannot just give pre-approved mortgages. That would make life so much easier.
OCBC has been lending.. Zone 1 and 2 only if I recall. Many of the local banks are involved in the real estate exhibitions and pre-sales.
Not sure what hsbc expat (not uk) is lending on these days. Used to be BTL.
ALSO if you have a decent stock portfolio, dbs and a another bank will lend to you on that portfolio at far lower rates than uk mortgages.
Are you sure you lose the 10% deposit if the deal falls through and you cannot get a mortgage? That is very Hong Kong style, but not necessarily everywhere. I am not too familiar with UK, but in Australia its very normal to sign any property purchase with a condition "subject to finance". It's so normal that its actually pre-printed on most contracts and then you cross it out if you are really sure you want to make an unconditional offer. This condition means you pay your 10% deposit, then seek finance, if you cannot get then you get your deposit back in full. Paying a deposit is an indication that you are a serious buyer, but you still get it back if the deal fails.
That I don’t know but this guy succeeded where all other avenues failed.
to anyone getting a mortgage now probably good advice is to get a fixed rate for as long as possible and at the very least factor in mortgage hikes over the next 2-3 years, some of them imminent.
I strongly fear the current global inflation is going to bring mortgage pain to a whole generation that hasn’t experienced it before, including those with fixed mortgages expiring in the next year or so.
No. I regularly re mortgaged with a guy from London and Country https://www.landc.co.uk/?ICID=PPCbra...hoCY0cQAvD_BwE
Never paid a fee once. He always seemed to find good deals that I could never find going direct to the same banks.