The Mortgage Corporation has expanded its mortgage insurance programme to cover loans secured by non owner-occupied residential properties.

The corporation's chief executive officer James Lau said the enhancements are in tune with Hong Kong's mortgage market development by providing more options to borrowers.

The enhanced product will provide mortgages on non owner-occupied residential properties with a loan-to-value ratio of up to 85% and a loan amount of up to $8 million with a maximum tenor at origination of 40 years.

The new product will be available for application from December 31. For programme information, call 2536 0136 or visit any participating banks.

The programme has helped more than 42,000 people own their own homes since its launch in 1999, seeing the homeownership rate grow from 51% then to 58% last year.