https://www.scmp.com/rss/501488/feed Raymond Chong is chief executive officer and founder of mortgage referral brokerage firm StarPro Agency en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com You may not be one of the tens of thousands who have flown to the UK to start a new life. But you may be one of the growing group considering the purchase of a property in London or Manchester to give yourself or your loved ones an alternative at some point in life. Imagine this: you spent several weekends in a fancy hotel showroom where property agencies showed you the nice neighbourhood and lucrative rental income. Then, just before you decided to take the plunge and sign on the dotted line,... https://www.scmp.com/business/article/3182350/buying-uk-property-heres-tactic-get-faster-mortgage-loan-approval-fund?utm_source=rss_feed https://www.scmp.com/business/article/3182350/buying-uk-property-heres-tactic-get-faster-mortgage-loan-approval-fund?utm_source=rss_feed Tue, 21 Jun 2022 04:01:09 +0000 Two years into the Covid-19 pandemic, Hong Kong International Airport – once one of the world’s busiest – is a former shadow of itself. These days, it mostly shows Hongkongers and long-term residents bidding a tearful farewell to the city they have always called home. Those who have left have established a new life abroad, going about their daily business in their new place of residence. And with reality soon kicking in, they find life challenges are no different anywhere else. Newly-arrived... https://www.scmp.com/business/article/3178791/smart-way-newly-arrived-hongkongers-pay-uks-global-tax?utm_source=rss_feed https://www.scmp.com/business/article/3178791/smart-way-newly-arrived-hongkongers-pay-uks-global-tax?utm_source=rss_feed Tue, 24 May 2022 04:01:12 +0000 Imagine – just when you are closing the deal and preparing to get the key to your new home, you are subject to mandatory quarantine or even a citywide lockdown. Bummer. It could happen to practically anyone, as Hong Kong still sees thousands of people tested positive for Covid-19 on a daily basis, and many more subject to compulsory testing because an infected sample was scooped from their building sewage. While cases are dropping and the government is planning a phased relaxation, one cannot be... https://www.scmp.com/business/article/3172959/how-secure-your-mortgage-time-if-you-end-hong-kongs-mandatory-quarantine?utm_source=rss_feed https://www.scmp.com/business/article/3172959/how-secure-your-mortgage-time-if-you-end-hong-kongs-mandatory-quarantine?utm_source=rss_feed Tue, 05 Apr 2022 04:00:20 +0000 For homeowners on mortgage, a bank calling your loan is probably the worst nightmare. For those who rent out the flat on mortgage insurance, or cryptocurrency aficionados, the call may come sooner than others. However, there is a solution. Theoretically banks have every right to call loans anytime, practically arbitrarily, as stated in the loan facility letter. In reality, loan recall is extremely rare so long as one repays on time and fulfils the terms of agreement. Even during an eye-watering... https://www.scmp.com/business/article/3162812/what-do-when-bank-calls-your-mortgage-loan-dont-panic-problem-can-be?utm_source=rss_feed https://www.scmp.com/business/article/3162812/what-do-when-bank-calls-your-mortgage-loan-dont-panic-problem-can-be?utm_source=rss_feed Tue, 11 Jan 2022 04:01:16 +0000 The National Security Law imposed in June last year has sparked an exodus from Hong Kong. Nearly 65,000 Hongkongers have applied for British National (Overseas) visa this year, and tens of thousands have already flown to the UK to start a new life, including one or two of our own family and friends. Aspiration of being a homeowner flows in Hongkongers’ veins, whether living here or abroad. Buying a house as soon as possible often tops their to-do list even after moving to a foreign land. The... https://www.scmp.com/business/article/3153565/why-hongkongers-looking-settle-uk-should-buy-home-they-emigrate?utm_source=rss_feed https://www.scmp.com/business/article/3153565/why-hongkongers-looking-settle-uk-should-buy-home-they-emigrate?utm_source=rss_feed Tue, 26 Oct 2021 04:01:13 +0000 Since the UK government decided to grant residency rights to nearly three million eligible Hongkongers, many of the city’s residents have been hunting for properties all over the country. Last year, about 30 per cent of homes around the Greater London area were sold to international investors. Buyers from Hong Kong alone bought 8 per cent of prime central London homes, or four times more than a year earlier. The number hit a record, making Hongkongers the joint second biggest buyer group in that... https://www.scmp.com/business/article/3145290/paying-cash-your-uk-home-beware-some-unintended-consequences?utm_source=rss_feed https://www.scmp.com/business/article/3145290/paying-cash-your-uk-home-beware-some-unintended-consequences?utm_source=rss_feed Tue, 17 Aug 2021 04:05:33 +0000 As the vaccine programme continues to help contain the Covid-19 pandemic in Hong Kong, home prices have rebounded substantially in recent months. A flood of cheap money unleashed by global central banks has found its way into fixed assets including residential properties. With increasing consumer confidence in the property market, buyers have responded with enthusiasm to new homes launched over the past few quarters, exceeding expectations. In particular, mega-developments from The Pavilia Farm... https://www.scmp.com/business/article/3138172/handy-mortgage-tips-and-pitfalls-avoid-first-time-buyers-new-houses-hong?utm_source=rss_feed https://www.scmp.com/business/article/3138172/handy-mortgage-tips-and-pitfalls-avoid-first-time-buyers-new-houses-hong?utm_source=rss_feed Tue, 22 Jun 2021 04:01:00 +0000 Hongkongers have emerged as among the most aggressive buyers of UK property, snapping up more than £305.6 million (US$430 million) of prime London homes in 2020. This trend is expected to continue under a new wave of emigration, as BN(O) passport holders are allowed to live in the UK under the new visa scheme. While such a buying frenzy can be partly attributed to impulsiveness since very little down payment is required to be a UK landlord, the aftermath – in the form of a mortgage – can be a... https://www.scmp.com/business/article/3133756/getting-mortgage-pre-approval-ensure-safe-landing-your-dream-home-uk?utm_source=rss_feed https://www.scmp.com/business/article/3133756/getting-mortgage-pre-approval-ensure-safe-landing-your-dream-home-uk?utm_source=rss_feed Tue, 18 May 2021 04:00:08 +0000 It has been more than a year since the Covid-19 pandemic disrupted our lives, throwing Hong Kong’s economy out of whack. However, the launch of a mass vaccination programme has boosted consumer confidence in the city and rock-bottom interest rates are expected to spark another wave of property boom after a period of stagnation in the past year.While the spark may not yet be evident in transaction figures which tend to lag in reporting, the mortgage referral industry is already feeling the first... https://www.scmp.com/business/companies/article/3126406/hong-kong-banks-ease-mortgage-approvals-vaccination-programme?utm_source=rss_feed https://www.scmp.com/business/companies/article/3126406/hong-kong-banks-ease-mortgage-approvals-vaccination-programme?utm_source=rss_feed Tue, 23 Mar 2021 04:05:11 +0000 Hongkongers have been busy aggressively snapping up homes in the United Kingdom ahead of a January 2021 application process that is expected to give the green light to British citizenship for them. Their favourite destinations have been the cities of London, Manchester and Birmingham. To fund these home purchases, most buyers rely on refinancing their Hong Kong homes for down payments, and then rely on a UK mortgage to finance the rest. In this article, I will offer some recommendations based on... https://www.scmp.com/business/article/3113962/planning-apply-uk-mortgage-watch-your-spending-and-choose-property-wisely?utm_source=rss_feed https://www.scmp.com/business/article/3113962/planning-apply-uk-mortgage-watch-your-spending-and-choose-property-wisely?utm_source=rss_feed Tue, 15 Dec 2020 04:00:17 +0000 Since the UK unveiled its new British National (Overseas) passport policy three months ago, more than 7,000 residential properties have been sold to Hongkongers alone, sources say. Engaging a trusted developer is key to a hassle-free experience. Unlike Hong Kong, where most developments are built by large developers and the quality can be assured, the UK market is tougher to assess for first-time investors. In emerging cities like Manchester and Birmingham, qualities can vary among small to... https://www.scmp.com/business/article/3107193/hongkongers-trusted-developer-key-when-pursuing-dream-home-uk-market?utm_source=rss_feed https://www.scmp.com/business/article/3107193/hongkongers-trusted-developer-key-when-pursuing-dream-home-uk-market?utm_source=rss_feed Tue, 27 Oct 2020 04:00:16 +0000 From January 2021, any of Hong Kong’s 2.9 million BN(O) passport holders – and their immediate dependants – will be able to apply for a special visa which gives them the opportunity to live in the UK for five years and a path to permanent residency. The announcement has sent BN(O) passport holders scrambling for UK real estate. Some 7,000-odd homes have been sold in the past two months to Hongkongers alone, according to industry sources. A combination of excellent educational institutions and... https://www.scmp.com/business/article/3100591/bno-passport-holders-rising-star-southeast-england-great-relocation-option?utm_source=rss_feed https://www.scmp.com/business/article/3100591/bno-passport-holders-rising-star-southeast-england-great-relocation-option?utm_source=rss_feed Tue, 08 Sep 2020 04:05:15 +0000 Hong Kong’s property market is showing some resilience of late as buyers throng showrooms on weekends in spite of the threat of rising Covid-19 infections, with prices and buying sentiment on the ascent. The upturn has come on the back brisk transactions in June and July amid expectations the Covid-19 pandemic has peaked. The bullish signs over the weekend could mean a backlog of mortgage applications and a slowdown in processing could get worse. Buyers who need to apply for bank mortgages to... https://www.scmp.com/business/article/3095757/four-tips-homebuyers-catching-surprise-revival-hong-kong-housing-market?utm_source=rss_feed https://www.scmp.com/business/article/3095757/four-tips-homebuyers-catching-surprise-revival-hong-kong-housing-market?utm_source=rss_feed Tue, 04 Aug 2020 04:05:14 +0000 The Hong Kong Mortgage Corporation (HKMC) has recently introduced a pilot scheme for fixed-rate mortgages for 10, 15 and 20 years, with rates fixed at 2.55 per cent, 2.65 per cent and 2.75 per cent, respectively. The maximum loan amount caps at HK$10 million (US$1.3 million). At the end of the fixed-rate period, the borrower may either re-fix the mortgage rate under the scheme, or convert to a floating-rate loan, which is equivalent to the prime rate minus 2.3 per cent. With the current prime... https://www.scmp.com/business/article/3084905/which-mortgage-rate-will-be-lifesaver-hong-kong-homeowners?utm_source=rss_feed https://www.scmp.com/business/article/3084905/which-mortgage-rate-will-be-lifesaver-hong-kong-homeowners?utm_source=rss_feed Tue, 19 May 2020 04:00:11 +0000 After months of social upheaval and the ongoing coronavirus outbreak testing the patience of Hongkongers, a growing number of residents are thinking about leaving the city, or already planning a move to start a new life overseas. The United Kingdom is one of the top destinations because of its political and economic stability. However, migrating to the UK normally requires at least HK$20 million (US$2.6 million) if one goes for the investment immigration route. Alternatively, one can go for the... https://www.scmp.com/business/article/3049822/looking-easy-way-migrate-uk-just-invest-us250000-turkish-real-estate?utm_source=rss_feed https://www.scmp.com/business/article/3049822/looking-easy-way-migrate-uk-just-invest-us250000-turkish-real-estate?utm_source=rss_feed Tue, 11 Feb 2020 04:05:10 +0000 The current social unrest in Hong Kong has led to a rising number of applications for emigration. Malaysia has been one of the most popular destinations thanks to the MM2H (Malaysia My Second Home) programme which allows Hongkongers to obtain a 10-year residence permit without having to move to Malaysia. Most emigration consulting agencies have received a lot more inquiries about MM2H as protests have raged in Hong Kong in the past few months, while exhibitions featuring Malaysian property have... https://www.scmp.com/property/hong-kong-china/article/3041265/malaysian-property-provides-options-investors-seeking?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3041265/malaysian-property-provides-options-investors-seeking?utm_source=rss_feed Tue, 10 Dec 2019 04:00:19 +0000 The Hong Kong government announced last Wednesday to relax the cap on the property value eligible for a mortgage loan with a maximum cover of 80 per cent loan-to-value (LTV) ratio from HK$6 million to HK$10 million (US$1.27 million). For mortgage loans up to 90 per cent LTV ratio applicable to first-time homebuyers, the maximum property value is fixed at HK$8 million, going up from the previous HK$4 million. The new measure is considered to be a “godsend” for first-time homebuyers. Let’s take a... https://www.scmp.com/business/article/3033993/first-home-borrowers-must-read-fine-print-devil-details-hong-kongs-relaxed?utm_source=rss_feed https://www.scmp.com/business/article/3033993/first-home-borrowers-must-read-fine-print-devil-details-hong-kongs-relaxed?utm_source=rss_feed Tue, 22 Oct 2019 05:17:38 +0000 Four of Hong Kong’s biggest commercial banks have raised their mortgage rates, following this month’s move by HSBC to tighten Hibor caps and drastically cut cash rebates as lingering economic concerns lead to more prudent risk measures. According to local media reports, HSBC raised its Hibor-linked mortgage cap by 25 basis points, from Prime minus 2.75 per cent to P - 2.5 per cent, with the prime rate standing at 5.125 per cent. Hence, even though the prime rate has not changed, the effective... https://www.scmp.com/business/article/3029985/will-banks-raising-their-hibor-linked-mortgage-rates-take-heat-out-hong?utm_source=rss_feed https://www.scmp.com/business/article/3029985/will-banks-raising-their-hibor-linked-mortgage-rates-take-heat-out-hong?utm_source=rss_feed Tue, 24 Sep 2019 04:00:12 +0000 HSBC’s abrupt and drastic cut in cash rebate on mortgage refinancing from 2.1 per cent to 1.5 per cent last month startled the mortgage industry. Assuming an average loan size of HK$4 million (US$511,000), the borrower would now get HK$24,000 less cash rebate for refinancing at HSBC. Refinancing has grown by leaps and bounds in recent years. According to data from the Hong Kong Monetary Authority, refinancing accounted for nearly 30 per cent of total mortgages approved in May. Over the past... https://www.scmp.com/property/hong-kong-china/article/3018732/heres-what-hongkongers-need-know-about-cash-rebates?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3018732/heres-what-hongkongers-need-know-about-cash-rebates?utm_source=rss_feed Tue, 16 Jul 2019 04:00:13 +0000