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Hi Mdm,

I believe the issue is how can your son be financing the property if he is not an owner of the property? To further validate this, why not seek a 2nd opinion from another bank? If you need contacts with bankers in doing so, feel free to let me know so that I can pass you the relevant contacts.

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Geryl LIM
Real Estate Director
Masters Of Real Estate
M.O.R.E Property Pte Ltd (L3010548F)
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Good day Mdm. Mary Theresa William,

Your query falls under the new measures effective 29 June 2013 revised by Monetary Authority of Singapore to Banks - MAS Notice 632: Residential Property Loans.

For more explanation on ‘Borrower to be a Mortgagor’, you may refer to page 6 of the Notice found here: http://www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Commercial%20Banks/Regulations%20Guidance%20and%20Licensing/Notices/MAS%20Notice%20632_28%20Jun%2013.pdf

Coming back to your request to refinance which usually to lower monthly mortgage repayment, it may not be cost effective anymore with all the new measures.

Just to give you an idea how costly it would be now:
1. It may require inclusion of your son’s name in the property ownership by Way of Gift which may incur Stamp Duty and lawyer’s fee
2. The new refinancing package may be more restrictive with new IWAA, TDSR and lower LTV
3. It may further restrict your son from buying his own property with higher ABSD and lower LTV

Hence, it was certainly a blessing that you were able to purchase your property earlier and able to reap much more home loan flexibility then as compared to now.

Please feel free to contact me should you have additional query or require further assistance.
Thank you and have a pleasant weekend.

Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 822 50 212
Email: karrien.realty@yahoo.com

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Good day madam mary theresa williams ..............added cost to add in your son name into the property for the sake of re-financing will be 3% stamp duty of the part share he is buying over from you ( at market value ) and few thosand $ lawyer fees .........alternatively you can consider cashing it out now at almost all-time spore historic high price ( last year was peak ) .............however it might be less feasible if you are non-singaporean as the cost of buying back later is higher for non-singaporean in terms of ABSD additional buyer stamp duty........except for few nationalities such as swiss and america with free trade agreement with singapore enjoy same ABSD relief as sporeans ...........kindly contact me for a no-obligations chat for your property needs ............my charges are 1% commission for exclusive selling rights to your property ...........joanne chia ........chia_joanne@yahoo.com.sg ............hp 8333 3327  ..........huttons property Read More