News Hong Kong Property & Finance

Buying an old apartment

ORIGINAL POST
Posted by choppy 17 yrs ago
Hi,

We are considering to buy an apartment in an old building, what is the criteria for the mortgage arrangement? What is the minimum % of down payment? Is it difficult to get a good mortgage from bank?? Please advice and much appreciated!!!!


Thanks!

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COMMENTS
Havefaith 17 yrs ago
Choppy,


Please note that the other concern in respect of the age of the building would be the lenght of the amortization period. Generally, banks will use 60 as the max sum of the amortization period + age of the building. For example, if the building is 40 yrs old, then the amortization period cannot exceed 20 yrs. However, in some districts banks will be very strict; and in some other districts/buildings banks may be more relaxed about it. It would best be for you to talk to your bank.


HF

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C 17 yrs ago
check with StanChart and Citi, they are much more flexible dealing with older bldgs, in my exp at least

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ken132 17 yrs ago
I used mReferral who were great - ask for Macky.

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gwern 17 yrs ago
Patrick, I am very interested in speaking to a mortgage broker about the options for borrowing for an older building. Please can you tell me how I can go about doing this.


Many Thanks

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wolge 17 yrs ago
Hi Patrick,


I'm interested in buying an old appartement, happy valley, sai ying pun, kennedy town. Are u an agent dealing with that? Or could u get me in contact with good agents?

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