Posted by
SweetSue
17 yrs ago
The village house we would buy like to is almost a $1M (of the fixed price of this vendor) more than BOC/HSBC valuation for a mortgage from these banks for this house in the $6-7M range. We do want to get it but coming up with 30% and tackling this extra amount over the valuation will have us strapped to tight. Any finance suggestion in a situation like this would be appreciated.
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I'm in exactly the same position and am trying to secure a mortgage on a village house for $6m. I have visited nearly 10 banks now and had valuations ranging from 3.4 - 6m. Its all been rather stressful but the best was Public Bank which can be found on Queens Rd. This is a mortgage for the full asking price and from everything I've read this is rather unusual.
Good Luck
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Ask the bank if the valuation will move upwards if you move forward - sometimes shifts a lot (>500k!). Also, valuations are changing at this time, so make sure a current one. Personally, I think a rising or falling market makes no difference, valuers seem to always put a 20-50% discount on non-estate properties.
Most banks will happily lend a tax loan at this time of year - maybe that could be a multiple that will be sufficient in the circumstances. Interest rate is more though (but less than a personal loan).
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Hi and thanks for your answers, comments and replies we will try to find a way to hopefully get it sorted with these suggestions. Another question is how to get the original floor plans of village house 12 to 15 years old to make sure where the structual walls are and renovations in the past are up to standards within building codes.
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If I am not wrong, this weekend their is some news on banks raising their allowable to 85% from 70%. If this is true, then you are in luck. Anyway, FUB_N BANK (fill in the missing letter, try to maintain Asiaxpat rule) is your best bet, I just got mine this week and they seemed to be quite flexible on lending you the price you paid, not the e-value price... give them a call, Won't hurt. Best yet they have I found them to have a very good rat and an attractive .6% cash rate and a 2K red pocket...
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Hi Bayliner,
Thanks for the advise. However, are you talking about village houses? I have been busily trying to arrange a mortgage this week and havibg difficulty getting over 60%? Do you have evidence/ link to this news?
Also, we visited F**** N Bank and was told they didnt do village houses.
Regards
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The news was from the "Hong Kong Economic Times", a chinese newspaper... Although I can't read Chinese that well, but I had been told by the realty agency on this....
http://www.hket.com/hketonline/app?service=page/Home
PS: My recent mortgage was for a flat, not a village home...
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