Recently, I have acquired a cozy flat in North Point.
At last, I found my own haven after a long time wandering around the wilderness.
I feel like I am the houseplant which Mathilda (in the movie Léon) planted in the grounds of the school! (Oh yeah, definitely I got my roots spread comfortably!)
For me, at the first beginning, things were looking complicated and difficult for me as this was my very first property acquisition in Hong Kong and lots of things were different from Korean market. (I may write an article comparing the process and system of both countries later)
And of course, like most early thirties, I didn’t have 100% cash to buy a property so I had to find someone to borrow me a lot of cash. (Mortgage)
And yes, I think I could have done better when I was bargaining with the seller... etc...
So I would like to share my experience to who are still living in someone else’s home – also for myself to memorize this big event!
I would like to share my experience by the following order.
1. Estimation
2. House hunting
3. Signing a deal
4. Mortgage application
5. Deal closing
*Notes
Most bank offer maximum 70% of the property valuation or actual purchase price if you have an actual contract signed with the seller.(LTV: Loan to Value)
However, if you are not buying a property for investment but only to stay in that property, you would be able to get maximum 95%. If you are to borrow 95%, there are restrictions of course (if you rent it out you are breaching the contract and the mortgage will be terminated) and additional interest premium which you have to pay, but still a good way to start for the real property demanders who don’t have enough cash for the 30% initials.
As I don’t have experience in the latter 95% deal, I will only talk about 70% mortgage.
At last, I found my own haven after a long time wandering around the wilderness.
I feel like I am the houseplant which Mathilda (in the movie Léon) planted in the grounds of the school! (Oh yeah, definitely I got my roots spread comfortably!)
For me, at the first beginning, things were looking complicated and difficult for me as this was my very first property acquisition in Hong Kong and lots of things were different from Korean market. (I may write an article comparing the process and system of both countries later)
And of course, like most early thirties, I didn’t have 100% cash to buy a property so I had to find someone to borrow me a lot of cash. (Mortgage)
And yes, I think I could have done better when I was bargaining with the seller... etc...
So I would like to share my experience to who are still living in someone else’s home – also for myself to memorize this big event!
I would like to share my experience by the following order.
1. Estimation
2. House hunting
3. Signing a deal
4. Mortgage application
5. Deal closing
*Notes
Most bank offer maximum 70% of the property valuation or actual purchase price if you have an actual contract signed with the seller.(LTV: Loan to Value)
However, if you are not buying a property for investment but only to stay in that property, you would be able to get maximum 95%. If you are to borrow 95%, there are restrictions of course (if you rent it out you are breaching the contract and the mortgage will be terminated) and additional interest premium which you have to pay, but still a good way to start for the real property demanders who don’t have enough cash for the 30% initials.
As I don’t have experience in the latter 95% deal, I will only talk about 70% mortgage.
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