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Concrete Analysis
Why Hongkongers looking to settle in the UK should buy a home before they emigrate
- 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
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Raymond Chong is chief executive officer and founder of mortgage referral brokerage firm StarPro Agency
The National Security Law imposed in June last year has sparked an exodus from Hong Kong. Nearly 65,000 Hongkongers have applied for British National (Overseas) visa this year, and tens of thousands have already flown to the UK to start a new life, including one or two of our own family and friends.
Aspiration of being a homeowner flows in Hongkongers’ veins, whether living here or abroad. Buying a house as soon as possible often tops their to-do list even after moving to a foreign land. The main struggle though is, whether one should buy a home in the UK before flying over, or wait until one has settled down there.
It is true that buying a property in the UK out of Hong Kong could be daunting for many. The travel restrictions during the pandemic make checking out one’s dream flat almost impossible. It makes sense to defer the purchase until one actually lands there, rents for a while, and then shops around for the best listings offered in one’s preferred neighbourhood.
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