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Getting a mortgage in UK or HK to purchase a house in England, while working in HK

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  1. #21

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    I have long standing HSBC HK UK and expat accounts, maybe that is the difference


  2. #22

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    Quote Originally Posted by meinhkhk:
    They can tell you if you are eligible after 2 calls but will only actually agree when your offer for a specific property has been accepted
    by the seller. an added stress layer
    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.

  3. #23

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    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.

    Gollygordon likes this.

  4. #24

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    Quote Originally Posted by CX252:
    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.
    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.
    Paxbritannia likes this.

  5. #25

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    Quote Originally Posted by ByeByeEngland:
    this guy was worth every penny and not overly expensive.

    Aly Kassam (correct name)

    [email protected]

    I hope he is still there. He certainly was last time I shared the link.

    In a nutshell got me a mortgage with the Halifax (no surcharge, just standard fixed term) when I moved UK property. The stupid thing is my residual mortgage was with Halifax who refused. And I got a lovely welcome to your new mortgage pack from the Halifax delivered to the new place ������

    HSBC UK wouldn’t entertain and when I showed them my HSBC HK accounts they said their systems aren’t joined up.

    In essence a good broker has direct access to Bank underwriters and as long as your finances and credit checks stand up then you are in a good place. Side note to check your UK credit profile online. I was shocked to find and prove that a couple of items attributed to me were incorrect.
    Do all UK Mortgage brokers charge advisory fees as opposed to simply relying on commission?

  6. #26

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    Quote Originally Posted by Paxbritannia:
    Do all UK Mortgage brokers charge advisory fees as opposed to simply relying on commission?
    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.

  7. #27

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    Quote Originally Posted by Paxbritannia:
    Do all UK Mortgage brokers charge advisory fees as opposed to simply relying on commission?
    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.
    Sage likes this.

  8. #28

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    Quote Originally Posted by Pauljoecoe:
    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.
    Sounds good - was he able to lend on foreign non-UK income without any worries?

  9. #29

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    Quote Originally Posted by Paxbritannia:
    Sounds good - was he able to lend on foreign non-UK income without any worries?
    No idea sorry - This was when I was in the UK with UK income.