Intermediary News

Important changes to requirements to support Home Finance applications

Following a review, we are introducing some important changes regarding the following areas:

Passports

There are now some passports where the identification information contained in the passport is across 2 pages. Given this variance, with immediate effect we now require 2 pages of the passport to be certified by an approved person. Our Identification (ID) Verification Form which includes criteria for approved persons can be found here.

International transfer of funds rules for Chinese Residents

The central government of China has stated that its residents are unable to transfer funds out of China in excess of USD $50,000 per person, per year for the purpose of property transactions.

Therefore, with immediate effect, all funds used for the purchase of property by Chinese residents will need to be evidenced as coming from the applicant’s own allowance. All applicants who are residents of People’s Republic of China will be required to complete and sign an attestation regarding the use of their personal allowance. A copy of this form can be found here.

In addition, we will not permit the use of an additional person’s allowance to overcome any individual’s annual restriction.

Should you have any queries regarding the changes outlined above, please contact your BDM, who will be able to assist you.