VYING for a slice of the recovering residential property market, Chase Manhattan will launch a newly packaged mortgage re-financing programme today.
The consolidation in the property market has convinced many banks that increased exposure to the residential market has returned to safe limits.
Customers can apply for a mortgage re-financing loan by phone, receive an approval within three days and have cash in their pockets.
Chase Manhattan is prepared to send bank staff to the applicants' office or residence to complete the application procedure.
'Actually, the applicant does not need to leave his or her flat before getting a mortgage re-financing,' said Alan Tsang, head of mortgage business at Chase Manhattan Bank.
'The product is a response to the sluggish secondary property market where flat-owners find it difficult to sell properties at the prices they desire,' said Mr Tsang.
Mortgage re-financing happens when homeowners have repaid a certain level of the mortgage with a bank but would like to pledge the property again to meet cash needs.