- Hongkongers looking to start afresh in the UK following the sale of their property have to contend with a complex tax system
- The taxes include a capital-gains tax of up to 28 per cent on property and as much as 18 per cent on other assets
How to secure your mortgage on time if you end up in Hong Kong’s mandatory quarantine【星之谷專欄-南華早報】
- If a borrower is subject to mandatory quarantine in Hong Kong and can’t get to the bank in person to complete the deal, it can be a major headache
- Here are three steps that might help if you end up in quarantine before completing the deal to buy your home
What to do when a bank calls your mortgage loan? Don’t panic. The problem can be easily fixed【星之谷專欄-南華早報】
- Recently banks have been known to call or terminate a mortgage loan when you are in breach of the declared use of property and engage in cryptocurrency trading
- If the bank calls your mortgage loan, you can refinance it with another bank. In the case of cryptocurrency, trade with a crypto-friendly bank instead
Why Hongkongers looking to settle in the UK should buy a home before they emigrate【星之谷專欄-南華早報】
- Getting a UK mortgage is actually easier when you are still in Hong Kong – via the ‘buy-to-let’ route
- Buyers seeking a mortgage loan after landing in the UK will have to rebuild income proof, credit history from scratch in their applications
Paying cash for your UK home? Beware of some unintended consequences【星之谷專欄-南華早報】
• Buying UK property in cash may lead to unintended consequences down the road, including sell-on, refinancing and tax implications
• Cash-based purchases, when refinanced, will be capped at 75 per cent of the home prices with restrictions on uses of funds
Handy mortgage tips and pitfalls to avoid for first-time buyers of new houses in Hong Kong【星之谷專欄-南華早報】
As the vaccine programme continues to help contain the Covid-19 pandemic in Hong Kong, home prices have rebounded substantially in recent months. A flood of cheap money unleashed by global central banks has found its way into fixed assets including residential properties.
Getting mortgage pre-approval to ensure a safe landing on your dream home in the UK【星之谷專欄-南華早報】
Hongkongers have emerged as among the most aggressive buyers of UK property, snapping up more than £305.6 million (US$430 million) of prime London homes in 2020. This trend is expected to continue under a new wave of emigration, as BN(O) passport holders are allowed to live in the UK under the new visa scheme.
Hong Kong banks ease up on mortgage approvals as vaccination programme boosts homebuyers’ confidence【星之谷專欄-南華早報】
A strong start to homebuying activity portends well for the housing and mortgage markets, suggesting it is likely hold up well for the rest of the year. With activity picking up, lenders are looking to approve more mortgage loans, slashing interest rates and offering cash rebates to gain market share.
Planning to apply for a UK mortgage? Watch your spending and choose property wisely【星之谷專欄-南華早報】
You can apply for a UK mortgage directly from a Hong Kong bank, but only for properties in London’s zones 1 and 2. As most Hongkongers purchase UK property for buy-to-let purposes, applying for a buy-to-let mortgage is an alternative route.
For BN(O) passport holders, the rising star of Southeast England is a great relocation option【星之谷專欄-南華早報】
From January 2021, any of Hong Kong’s 2.9 million BN(O) passport holders – and their immediate dependants – will be able to apply for a special visa which gives them the opportunity to live in the UK for five years and a path to permanent residency.