WHILE signs show that Hong Kong property prices have peaked, the territory's two major banks engaged in mortgage lending have no intention of changing mortgage policy. Hongkong Bank chairman John Gray said there were indications that property prices were off their peak, which he believed was a healthy correction. ''A few months ago, property prices were getting high,'' he said. ''And so coming off the peak is a very healthy development. Of course, I don't want to see a steep decline in property prices.'' Mr Gray said mortgages on its books increased in the first four months of this year and then fell suddenly because of Government measures to decelerate the rate of increase in property prices. ''The swallow doesn't mean a summer,'' he said, adding that there were no plans to change the current mortgage policy of providing flats valued below $5 million with up to 70 per cent mortgage lending. The bank has lowered its mortgage lending to 60 per cent on flats valued above $5 million to reduce risks. Hang Seng Bank managing director and deputy chief executive Alice Lam said the bank also had no plans to further tighten mortgage lending, but would closely monitor the situation. She said the mortgage figure for July rose eight per cent from June, but the increase could not be taken as indicating a revival of property market. Hang Seng Bank chairman Sir Quo-wei Lee, shrugging off questions of mortgage tightening, said: ''We have never tightened our mortgage lending. We are following the trend, which is 70 per cent. So we make it 70 per cent. ''We are not alone [in providing 70 per cent of mortgage]. ''If the Government gives a guideline, we'll follow.'' He directed reporters to the Government for comment on possible mortgage tightening.