Frequently Asked Question

A: The Hong Kong Monetary Authority notices that there have been cases where mortgage borrowers have further mortgaged their properties without seeking prior consent from the original mortgagee Authorized Institutions (i.e. licensed banks, restricted licence banks and deposit-taking companies). Such practices have increased the risks of the relevant Authorized Institutions and may pose a threat to banking stability if left unchecked. Starting from 1 February 2017, the Hong Kong Monetary Authority expects Authorized Institutions engaging in mortgage lending business to subscribe to an e-Alert Service provided by the Land Registry for all new mortgage loan applications (including top-up mortgage loans) whereby Authorized Institutions will receive electronic notifications from the Land Registry when further charge/mortgage documents in respect of the properties mortgaged to the Authorized Institutions concerned are lodged for registration with the Land Registry. To subscribe to the e-Alert Service, Authorized Institutions must obtain written consent from the property owner(s) concerned in compliance with the Personal Data (Privacy) Ordinance (Cap. 486).

A: The Hong Kong Monetary Authority expects Authorized Institutions to subscribe to the e-Alert Service also when an existing mortgage borrower applies for a top-up mortgage loan. Similarly, to subscribe to the Service, Authorized Institutions must obtain written consent from the property owner(s) concerned in compliance with the Personal Data (Privacy) Ordinance (Cap. 486).

A: For properties held by co-owners, all co-owners are required to give written consent.