If you expect the mortgage approval procedure at UK banks to be largely the same as in Hong Kong, you might be in for a not-so-pleasant surprise.

Hongkongers starting afresh in the UK have to quickly come to terms with the UK’s tax system. While there’s no way to avoid paying tax, there are a few ways to ease that burden.

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.

Recently banks have been known to call or cancel a mortgage loan when you are in breach of the declared use of property and engage in cryptocurrency trading.

Getting a UK mortgage is actually easier when you are still in Hong Kong – via the ‘buy-to-let’ route. The alternative of building a credit track record from scratch can be daunting for emigrants.

Hongkongers are reminded of different rules in the UK property market. Paying for homes in cash may lead to unintended consequences down the road, including refinancing and tax implications.

Prospective first-time buyers should equip themselves with all the information on mortgage caps, immediate and stage payments to prevent any nasty surprises in the process.

Homebuyers can be disappointed when they hastily sign the exchange contract on their dream London house, only to have their mortgage application rejected.

As activity picks up, lenders are now looking to approve more mortgage loans, slashing interest rates and offering cash rebates to gain market share.

Applying for a mortgage from a UK bank can be a daunting task, as its approval criteria can be vastly different from that of a Hong Kong bank.

Engaging a trusted developer is key to a fuss-free experience when investing in new homes from small and medium-sized builders in the UK market.

Hongkongers have snapped up some 7,000-odd homes in the UK over the past two months, according to sources. The Southeast of England, notably Reading, could be the next favourite relocation spot for many BN(O) passport holders.

Hong Kong’s housing market is showing some resilience in the face of rising Covid-19 infections, with prices and buying sentiment on the mend. For first-time buyers, consider some tips from the pros on mortgage applications.

The Hong Kong Mortgage Corporation (HKMC) has recently introduced a pilot scheme for fixed-rate mortgages for 10, 15 and 20 years, with rates fixed at 2.55 per cent, 2.65 per cent and 2.75 per cent, respectively.

Hongkongers can get Turkish citizenship by buying property worth US$250,000, which in turn allows them to set up a business in the UK and apply for permanent residency in five years’ time.

Malaysia has emerged as a popular choice among Hongkongers seeking a safety haven amid long-running political crisis

However, one should not quickly jump on the bandwagon and rush to buy, because the devil is still in the details.

Raising the mortgage cap from 2.375 per cent to 2.625 per cent will result in a HK$520 increase in monthly payments on average, which is unlikely to deter prospective buyers, says Raymond Chong of StarPro Agency

Banks led by HSBC are cutting the money back offers on mortgage refinancing as lenders look to restore their profit margin amid fierce competition.