Posted by
ginger33
17 yrs ago
I have a flat in the UK and will be coming to the end of my fixed mortgage rate soon with a UK building society. Does anyone know if it's better to try and remortgage it with a bank here? Not sure how I would do this? Are there banks who deal with overseas properties?
Please support our advertisers:
Ed
17 yrs ago
https://www.offshore.hsbc.com/1/2/international/how-can-we-help-you?WT.mc_id=HBIB_2007_AsiaXpat_Multi_LUHU
Please support our advertisers:
There are banks in HK...such as Lloyds and HSBC that will consider multi currencies and financing overseas properties.if you wish to discuss, drop us a note....we can give you some more specific information.
Weir & Associates
Solicitors & Notaries
2108 Gloucester Tower
The Landmark
15 Queens Road Central
Hong Kong
Tel : 2526-1767
Fax : 2868-3568
email : weirlaw@hongkonglaw.com
www.HongKongLaw.com/weirlaw
Please support our advertisers:
Hi Ginger33,
definately best to re-mortgage here and a number of institutions based here will arrange it for you.
i have recently done the same and re-mortgaged with a currency facility and now benefit from an interest rate of 3.9% - huge savings - and i can also benefit from reducing my mortgage amount simply by switching (at favourable times) to one of the other 10 currencies i have to choose from.
if this sounds like something you'd be interested in then p.m. me.
Cheers.
Please support our advertisers:
Can someone high light me on this. If I invest (buy a house in UK) can I get financed by bank in Hong Kong ? Is it possible and will it be benefit ?
Actually, I have a flat in Hong Kong which I brought 5 years back...
Please support our advertisers:
you can actually refinance your HK property to release equity that can be used for the deposit on your UK purchase. Much more cost effective way of financing and allows you to have 1 simple mortgage over the two properties.
if you wanted to keep your existing HK mortgage then you are still able to finance UK purchases from banks based here in HK. Either way i feel its always better to have the company financing your property on the ground here where you live.
Please support our advertisers:
hi glorypc,
can you suggest me which company or bank will be able to finance uk purchases.
thank you..
Please support our advertisers:
Ed
17 yrs ago
HSBC https://www.offshore.hsbc.com/1/2/international/home?WT.mc_id=HBIB_2007Jan_Hockey_Logo
Please support our advertisers:
Hi Ginger33, you can use a UK bank to refinance your UK property - I have done so many times in the past. There is also a UK lender who even though you are an expat will allow you to take out a residential interest rate on your UK property which is considerably cheaper than a buy-to-let rate, this is assuming you only have one UK property in your name at present.
PM me if you want details on who the UK lender is & how to go about actioning this. BTW I DO NOT work for this lender so will not benefit from this advice - in other words it is unbiased advice & talking from experience.
Please support our advertisers:
I forgot to comment about the currency mortgage mentioned above - this is beneficial ONLY if you know what you are doing re markets/currency fluctuations etc as unless the lender has promised that they will look after it all for you & currency switch for you when the time is right - I have yet to come across any lender that will! Their paperwork states that it is your responsibility so be careful.
Please support our advertisers:
Ed
17 yrs ago
https://hsss1.hsbc.co.uk/imoServlet?START=true
Please support our advertisers:
Walkup - short term yes you would avoid currency shocks as your income would be paying your monthly repayments in HKD however what happens in 2/3+ years time if the HKD strengthens (it is currently very weak against the GBP) and you either move back to the UK or want to redeem your loan? You now have a mortgage that is significantly greater then your initial loan.
A smarter investor would seek out a currency that is strong against the Pound with the view that it will weaken overtime and you will reduce your debt. Your rental income should now be covering your interest repayments anyway so your HKD income doesn't come into it.
Pebbles1 - The banks will only ever arrange a currency mortgage and will never give advice on which currency to choose or when to switch. There are however companies here in Hong Kong that specialise in this ongoing management and do very well for their clients. Well they have for myself and a number of my colleagues anyway.
Please support our advertisers:
I agree with your comment s.a.gr8 & like I said before currency mortgages are good if either you know what you are doing in this field or someone will look after it properly for you.
I am aware the banks here will only arrange a currency mortgage & not give advice on which currency/switching etc hence my comment above.
The lender I was talking about is a UK lender & will only lend in GBP, if ginger33 is receiving a rental income on the property then this would be a good bet as long as he/she could service the mortgage during any vacancy periods - if there are any.
Please support our advertisers:
I am planning to remortgage (don't know how to do this yet) my HK property and buy a UK property soon. I'm a Brit pp holder with permanent HKID card. My sister who lives in London is looking for a house for me and she will stay in that house and sort out the mortgage payment etc. The problem is that I don't have a UK bank account so how do we go about mortgaging a UK property from a HK bank? Please help. Thanks!
Please support our advertisers:
You must be logged in to be able to reply.
Login now
Copy Link
Facebook
Gmail
Mail