Fixed-rate second mortgages on the table
(Published by South China Morning Post, 01 Jun 2005) Banks are increasingly offering these loans because they are secured by the HKMC, but there are more efficient alternatives Banks are introducing fixed-rate second mortgages in the market. This has nothing to do with Hong Kong Monetary Authority relaxing its guidelines and permitting banks to offer top-up second mortgages over the 70 per cent loan-to-value limit. Second mortgages have been a useful financing product available from most property developers to entice potential buyers of their flats. Now, second mortgages are being offered in the primary and secondary market by the Hong Kong Mortgage Corp (HKMC), a 100 per cent owned government company.