For a house. The next step is to secure the mortgage of which we have talked to banks and think is gonna happen.
Three Noes One Yes
No spouse.
No guarantor.
No extra collateral.
Yes cake for seller. It’s his birthday soon.
Will document the experience and pitfalls after completion.
Wish me luck!
Good luck.
Try to get fixed mortgage even if 1% higher than flexible rate.
For example, fixed at 2% and flexible at 1%. Why?
If interest rates double under flexible rate to say 2%, your monthly payments double.
Anyway, good to hear that it’s happening.
Thank you! I know we don’t always see eye to eye in our debates but I do genuinely appreciate the kind words.
Beers and drunken arguments for everyone!
This is the bit I can’t get my head around, in the UK we can get the mortgage in principal, so you know what you’re looking at before you agree to the house, then work it from there last thing you do is sign.
Here you have to sign for the house first then try to sort out your mortgage, what happens if you end up with a shit mortgage because that’s all you can get on that property?
Or you can’t finalise the mortgage and you have to pull out, is there a fee?
Or you get the surveyors report back from the property and its in a bad way?
Congrats!
Are banks making you put 50% down payment?
When I enquired previously about having it in my own name they said foreigners need 50% down payment, whereas Taiwanese just 30%.
30% down on the bank-appraised value because it’s under 15 Ping.
Its not that much lower than the accepted offer.
Rooms over 15 Ping are 20% down.
Good luck, and don’t forget the House party after you move in.
Is that net ping or includes the public space?
A couple of decades back, a person who worked in the same Company as myself Retired. The number that turned up for his farewell would not have filled a Telephone Box.
Yea. This is the way we do it across the commonwealth, the US and other former colonies. I agree. It’s backwards.
You lose your $100000 promissory payment. Already got burned signing into a different house by a pushy real estate agent that wasn’t upfront about what we were doing and lost $20000 because she had not prepared any good deals with the banks. She wouldnt give me time to get more banks. Had to get the lawyer to threaten her. I cancelled and used the time to try to squeeze a better bank deal. Her pushiness often meant I had to make decisions on a split second and I need to call fam cause they are helping me with some of the down payment.
I spent two weeks squeezing a better deal from the banks. But they ripped it from under my feet on a Sunday night when i was out with friends despite promising to wait one day so i can call my fam. I am still salty.
You can talk to banks first and give them all your info and weed out the ones that dont accept foreigners. Rules change branch to branch so don’t give up. They will determine what they think its worth and give a ballpark figure but not commit to a preapproval which really sucks cause the risk is on you. You can’t get preapproved but you can get an estimate. When you apply then the bank will make an even more extensive search of the house and stuff.
If anyone wants to buy a house, I recommend not proceeding until ‘Dependent on bank success’ is written on the contract and be persistent. This does come with the caveat that some non-career-agents, those who just wanna get into it for a couple years, make some money and move on will dump you for ‘easier’ clients. Don’t give up and be prepared to dig your heels in that bank success is a non negotiable! You are a foreigner and you know how we are treated. You also need to press the agent hard to help you with the banks too. Don’t be too honest. Don’t give banks a reason to question you. Treat them like border officers. Sometimes corrupt answers work better.
Why are you self employed with your own company?
To save and avoid taxes.
And Guanxi helps! Get your friends involved and ASK ANYONE YOU KNOW for help.
Net Ping
I know this has been a long and arduous and frustrating experience, so it’s nice to finally hear some good news.
I’ll bring gaoliang and mahjong to the housewarming…your neighbors will either love or hate you 
It’s by the stairwell! If I put the subwoofer by that wall, all is good!
Thanks for the reply, i have been sort of half looking into it to get something in my name not just in the family names like the other properties.
I got to the parts where i had to sign then find a mortgage and sort of give up, because i didn’t like the idea of being committed to something and then end up getting stiffed.
I have an associate who is a bank manager he is quite an ok guy, but it feels wrong asking to help. also i don’t like the idea of someone within my circle knowing all my financial details as i just know they love a good chat.
Rave at Marco’s place! 
Congrats! Hope it all goes smoothly. Fill us in on all the fuckeries if any arise. Otherwise this is great news. Owning a house is a real nice step!!!
Couple of decades back?
Shouldn’t you be retired by now? 
Check your math. 
