Posted by
elmarkh
13 yrs ago
I'm trying to buy a flat on Lamma and I'm having difficulty getting a mortgage. I've tried HSBC, Wing Hang and CITIC but no joy. Are there any other banks I could try?
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what are the obvious reasons? me thinks they would give a low valuation, but no mortgage at all?
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i dont think road access matters at all and given the developments in cheung chau, i think the value arguments does not hold true either.
my suspicion would be more on lack of secondary transactions which does not allow them to establish a valuation.
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The Lamma property I'm interested in is 2.1 million (700 sft + roof). HSBC valued it at 1.5 million. CITIC bank would not give a mortgage at all and Wing Hang directed me to thier credit company (offering a higher rate of interest).
I would like a mortgage for this flat which is a reasonable size and price. I get the feeling that the banks are pushing me towards more expensive and smaller properties. 2.1 million is probably one of the cheapest properties available in Hong Kong.
What difference does it make to the bank, if I don't pay the mortgage they get the flat of which I'd put money into doing up and the 30% (!) downpayment.
Also people do buy/sell and rent properties on Lamma and have done so for years.
Anyway suggests of possible banks would be great.
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Wing Hang is your best bet for Lamma. Did you check out the interest rate offered by Inchroy? It might be slighter higher than HSBC's offers on mortgages but Wing Hang usually do more realistic valuations of Lamma properties so the downpayment required will be lower.
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I have a mortgage for Lamma through Inchroy. They have been great. I think I pay 0.5% more than the lowest HSBC rate, but they valued the property at the asking price which made a big difference. Didn't have to invest so much of my savings which I could invest in other places.
Do it.
and 2.1 for 700sq ft and roof is a very average price these days. Although it does depend on where it is. What part of Lamma? Is there anything overlooking the roof? Is your rooftop joined to another? Do you have a sea view?
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Runnergal, thanks for the hope.
It's in Tai Peng Village. There are no houses to right, just jungle. As it is quite high up there is a great view of hills and the sea. There are houses behind and in front but a little distance away. They are not too intrusive. There are no houses overlooking the roof.
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Ok in tai peng that would be ok as long as it doesn't need extensive rennovation. Feel free tomessage me through this site if you have questions about the buying process. Happy to help.
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2.x M for 700 + roof? on Lamma? insane.
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OP:
Normally the bank's valuation is based on how much they think the property is worth. The selling price of the property is how much the seller wants for the property. Have you considered that the property you're interested in maybe overpriced?
and of course it makes a difference to the bank how much it decides to lend out. just becuz you can pay 30% deposit it doesn't mean you can have any mortgage amount you want. do you know how mortgage and banking works?
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Hugie
13 yrs ago
I bought a village hse in Fanling. Only BEA, BOC and Wing what ever were interested. Only gave me 60%. Gd luck.
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