Posted by
alices
19 yrs ago
We have just purchased a property and now need to get a mortgage (we have 30% deposit), does anyone have some handy hints or things to look for when we ask around the banks? We are very new to this so any info would be great, also do you need to book appts to see the mortgage people at the banks or can you just turn up? Any help would be appreciated.
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Second Kanda's suggestion - Macky was our rep from mreferral - she was brilliant and did all the running around for us and found a bank that was willing to lend us 70% on a village house (it is now normally only 60%). We would not have even considered this bank before she found their mortgage package for us - and is one of the cheaper banks with regard to fees imposed etc. She even followed up on everything and sent us a nice email after all the dust was settled. Highly recommended.
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HSBC offer only 60% but then they recently gave 2.75 below best lending rate. With other banks and mortgage providers it's possible to obtain a 70% mortgage for a village house, however, the interest rate is unlikely to be quite as attractive as HSBC's, and maybe Hang Sebg Bank's also. It's horses for courses and each individual needs to weigh up which suits him/her best.
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The current lending rate is 5.5% across most banks - they work on the Prime minus whatever percent to come up with this percentage - HSBC may have 2.75 off prime lending rate - which is what most banks offer - or within a close range of that.
it is a funny way of keeping up with the US lending rates but at the same time maintaining some autonomy by charging only what this country needs to charge to maintain a good economy.
There is also the break clause penalty - some banks charge you penalties if you pay out the loan withing a certain period - some is 6 months - some are 2- 3 years - usually the lower interest rates come with some sort of penalty clause to prevent to selling and paying out the loan within a certain time period.
Talk to the broker and see what they can come up that will suit your needs.
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Bank of China usually offers the best overall rate (and the best valuations). They usually offer a better discount to the Prime Rate than HSBC and Hang Seng Bank even though the latter 2 currently have a price rate of 8% to Bank of China's 8.25%. CITIC Ka Wah is also usually pretty good.
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