we're planning to buy somewhere but we don't have a lot of money. we want to buy tung chung, anywhere the bank will do 100% mortgage like they do in the UK?
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While you can’t go to any single lender for 100%, I know that you can seek alternative financing for the other money. Some people have reached100% by getting 70% from bank 25% with mortgage association and the other 5% as a personal loan (from same bank).
I'm not sure I agree with muppet23. There was a long time (been here and paying big rent for 12 years) where I could have afforded to pay the mortgage and then some, but hadn't saved enough for the down. I eventually bought at 30% down but the market was much higher when I did and I lost quite a few opportunities along the way plus sunk millions into monthly rental.
Just because there is a correlation between high default rate and low down payment doesn’t mean that everyone with a low down will default. I know many people in the US who bought homes on a RTO basis and I bought my first two cars as a kid with no money down. Never missed a payment.
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I have found 100% financier and will be buying within the week after a long time searching.
Call CK Poon 36692628 or mobile 92783054.
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Thanks dimac, you can email me regarind the mortgage on angelababe@gmail.com
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Just to add to that mortgage info - you need to have a property in another country to help with financing - I forgot that small but important detail - but you may not be looking at borrowing as much as us - Talk to CK he may have a solution for you. he is very helpful and speaks excellent english.
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bdi
19 yrs ago
So dimac where are you buying. We too have been looking but can't seem to make a decision.
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Sai Kung -need to get a foot in the door, will be here for at least another 7 years so hopefully the housing cycle won't kill us as has happened twice to others in the past 10 years!
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bdi
19 yrs ago
I am interested in a village house whereas I've been told its easier to buy and sell(in the event we leave HK)in an apartment block with facilities. Besides the market being so risky, there never seems to be a good time. Would love to know your thoughts and what made you make your decision.
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Why are we doing it?
Ourt company will pay the mortgage instead of rent - when we leave we get to keep their contribution to our house - we have been here 12 years - have watched about 5 million dollars go to someone else when it could have come to us - it is a no brainer - however only possible with CK Poons 100% mortgage plan - just couldn't get enough for the down payment in one lump sum, but have the income to sustain repaying such a loan.
I wish I had a crystal ball - I offered and was accepted a price on a house today that was the same price they paid in 1996 for the house - so 10 years later they haven't increased their capital, but will take out of the house what they put into the loan - which is what we are looking at minimum.
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see next message below....
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It will be the same amount of money in rent or repayments - we are taxed on the housing allowance as it is as income - with the mortgage we will save money as we can claim other parts of the mortgage- interest for one and will be setting up a company to pay off the house with the repayments going through the company (with additional benefits therein.
In the long term any tax increase will be offset by the mortgage repayments we get to keep.
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Thanks for your observations oldhand - will look into them - with regard to the tax - we own the lease and so are taxed at personal income tax for receiving the rent as part of our income.
point 5 is interesting as this large UK/HK company has been known to be an absolute pill to many of its thousands of employees - sacking a few just for fun - so yes having an exit strategy will be part of the plan.
The house will be owner occupied.
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i thought that as long as you provide rental receipts you are taxed at a lower rate on your housing allowance?
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crj
19 yrs ago
Dimac4 - do you have a good estate agent to use in Sai Kung? Could you share the name via this forum or PM?
Thanks!
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Michelle Chung has been very good - Ricacorp Sai Kung.
Yes - we will pay more tax - but right now I am about to spit the dummy - why is doing anything in HK so bloody hard.....
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