Shouldn't be a problem. As long as the 95% mortgage is for the main residence. Go speak to various banks and get a pre approval. Standard Chartered is good as they do their own insurance for the extra 25%
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C
18 yrs ago
But doesn't the extra insurance (and/or fees) charged on the 25% make it a much less attractive rate overall than might otherwise be the case?
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Wing Hung Bank might be another choice, as I heard it is only one of the two banks, along with SCB, that does not go to HKMC for mortgage over 70%.
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I currently own two apartments. First was through HKMC (bought for ourselves to live). We recently bought a second flat at 90% mortgage, also with the HKMC.
This was possible because second flat is for our own personal use (we had to sign a legal document agreeing to this), and the first has been rented out, but we are saving it for when our parents move to HK (so it is still considered "for personal use").
First bank used was Standard Chartered (mortgage one... which has been excellent), and second was through BOC. Our BOC contact was great, so can pass on contact if anyone needs.
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Hi BerryMerry,
You are very lucky to get the second mortgage approved by HKMC too. It's always a hassel in HK to get a mortgage given the tight time line, i.e., normally 1-2 months between signing the purchase agreement and closing. Cannot imagine what would happen if you were turned downed by HKMC and could only get 70% loan, which means you had to come up with additional 20% of your own money? I think HKMC has absolute discretion in granting the approval to second mortgage, right? So there lies the big risk.
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