FINANCIAL planning company Portfolio and Investment Management Services (PIMS) has established a new mortgage advisory service for Hong Kong buyers wanting to purchase properties in Britain.
The new company has signed agreements with two British building societies, as well as local and overseas banks, that will enable it to assess loan applications and grant conditional approvals, subject to official confirmation by the lending institutions.
To set up the advisory service, the financial planner formed the new company, Professional Independent Mortgage Services, which will also be known as PIMS, the same acronym used by the parent company.
''Loan applications from buyers in Hong Kong to banks and building societies in Britain can take up to 21/2 months to be assessed and approved,'' said David Cockerton, the managing director of the new mortgage company.
''We are offering borrowers a choice of lending institutions and a streamlined application process with a speedy response to their loan request.'' The total fee for the service is HK$5,000, divided into two instalments. For the up-front fee of $2,500, PIMS assesses loan applications and forwards the application and supporting documents by courier to the lending institution.
Applicants are presented with details of the range of loans that PIMS has been authorised to promote, including repayment terms such as interest rates and the fixed-interest terms currently on offer.