Lenders offer new deals amid Hong Kong exodus

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Demand from BNO passport holders in Hong Kong for a product to fill the void in the lower value UK property finance and refinance market has increased significantly.

Cloudy Hong Kong Bay

Due to continued strict Covid restrictions, Hong Kong is experiencing a huge population exodus with 121,500 people leaving between June 2021 and June 2022.

UK border control sign

In 2021, the UK government introduced a new visa scheme for British Overseas (BNO) passport holders in Hong Kong, which essentially offers a fast track to UK citizenship.

Two young professionals shaking hands in a brightly lit office

Specialist brokers are in a unique position as the political circumstances in Hong Kong continue to evolve. Compared to more conventional brokers, specialty brokers must listen carefully to the needs of their clients.

As a growing number of BNO passport holders apply for fast-track UK citizenship, specialist brokers are working with lenders to introduce new products.

The changing situation in Hong Kong has been recognized by lenders who are introducing specialty products to meet demand.

—Stuart Marshall

MANCHESTER, GREATER MANCHESTER, UK, September 7, 2022 /EINPresswire.com/ —
hong kong Exodus.
In 2021, the UK government introduced a new visa scheme for British National Overseas (BNO) Hong Kong passport holders. The visa program was announced in response to Beijing’s new national security laws. Boris Johnson saw the laws as a breach of the 1984 Sino-British Declaration which meant Hong Kong citizens would have certain freedoms guaranteed for 50 years. This visa program essentially provides a fast track to UK citizenship for BNO passport holders in Hong Kong.

Due to continued strict Covid restrictions, Hong Kong is experiencing a huge exodus of people with 121,500 people leaving between June 2021 and June 2022. Many of those leaving Hong Kong are accepting the UK government on its offer of fast-track UK citizenship, with the UK government having received 140,500 applications so far.

Lenders take note of special situations.
“The evolving situation in Hong Kong has been recognized by lenders who are introducing specialist products to meet demand,” said Stuart Marshall, CEO of Liquid mortgages for expatriates. “Liquid Expat Mortgages worked with a lender specializing in expatriates to offer an exclusive product and test the appetite of our target clientele.”

Rebecca Pickard, head of the Asia department at Liquid Expat Mortgages, has been a major driving force in helping lenders understand what people are looking for when it comes to creating and delivering a product deemed essential by potential buyers. As a result, a brand new exclusive product is now available exclusively to BNO passport holders who borrow in their own name and with a maximum LTV of 65%. It is available on standard residential properties and rental properties for new purchases and remortgages.

Attractive rates for different types of customers
“There was a need to ensure that rates are attractive and that residential rates are as low as 2.99% with buy-to-let rates available at 3.29%. Interested clients must also have a minimum income of £37,500 and are looking to buy a property worth at least £167,000. With Hong Kong customers benefiting from the current fall in the pound, 35% deposits won’t be a problem for many residents looking to secure a mortgage in the UK. Additionally, the flexibility of some of the other product features are all aimed at helping Hong Kong BNO passport holders find a mortgage for buying property in the UK or a new mortgage.

Specialized brokers playing a key role.
Rebecca Pickard continues to say that “specialty brokers are in a unique position as the political circumstances in Hong Kong continue to evolve”. Compared to more conventional brokers, specialist brokers must listen carefully to the needs of their clients.’

“Demand from BNO passport holders in Hong Kong for a product to fill the void in the low-value UK property finance and refinance market has increased significantly. Specialist brokers like Liquid Expat Mortgages had to do the groundwork and adapt the product to demand.

Liquid mortgages for expatriates
Ground Floor, 3 Richmond Terrace,
Ewood, Blackburn
BB1 7AT
Telephone: 0161 871 1216

www.liquidexpatmortgages.com

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Sergio Pani
Ulysses
+44 7811 326463
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