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Change in Mortgage Arrangement
1. Select a Bank for Change in Mortgage and Submit Application
   

  • Applicant should select a bank from the Participating Bank List and approach the new bank for initial approval;
  • Applicant should then submit an application to the Home Assistance Loan Unit (HALU) to apply for consent to change mortgagee bank. The administrative fee (existing rate is $1,900) shall be paid in the form of a crossed cheque / cashier order payable to the "Hong Kong Housing Authority", which is not refundable.
  • Applicant will be issued with a Consent Letter.
  • Participating Banks
2. Release of Existing Mortgage and Arrange a New Mortgage
   

  • Applicant should sign the duplicate copy of the consent letter, then forward the duplicate copy of the consent letter to the new bank for signature and arrange the execution of the new mortgage;
  • Applicant should arrange with the original bank the release of the existing mortgage by presenting the consent letter;
  • The original bank will issue a Certification Letter [Note 1] to certify the details of the existing mortgage;
  • Upon receipt of the Certification Letter issued by the original bank, the new bank will prepare a Confirmation Letter [Note 2];
  • At least 14 working days prior to the execution date of the new mortgage, applicant should send by fax the completed Consent Letter, Certification Letter, and Confirmation Letter to the HALU for vetting.

Note 1: Certification Letter attached as Appendix I of the Consent Letter.

Note 2: Confirmation Letter attached as Appendix IV of the Consent Letter.

3. HALU Arranges Appointment and Confirms the Application
   

  • Having completed the vetting of the Certification Letter and Confirmation Letter, the HALU will arrange an appointment with the applicant;
  • On the appointment date, the applicant should return the duly completed original Consent Letter, Certification Letter and Confirmation Letter to the HALU, and execute a new Loan Agreement with the HA;
  • The HALU will issue a written instruction to the original bank with a copy to the new bank authorising the original bank to release the existing mortgage.
4. Sign New Mortgage Assignment and Complete the Procedures
   

  • Applicant should execute a new mortgage deed with the new bank on the specified date;
  • Within 10 days after the execution of the new mortgage deed, the new bank should inform the Finance Sub-division of the Housing Department and the HALU by sending a Notification of Execution of Mortgage Deed [Note 3];
  • The applicant should also arrange with the solicitor of the new bank to inform the HALU that the execution of the new mortgage deed is completed with a copy to the new bank and the original bank [Note 4].

Note 3: Notification of Execution of Mortgage Deed attached as Appendix II of the Consent Letter.

Note 4: Reply Slip attached as Appendix III of the Consent Letter.


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