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Bank of China opens its doors to mortgage customers

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by Gill Montia

Bank of China has relaunched its mortgage offering to UK customers, having previously focused on the British Chinese community.

The world’s third-largest bank says it can provide “straightforward and very easy to understand” variable-rate loans to first-time buyers, home movers and customers who want to re-mortgage.

Buy-to-let investors are also being targeted by the bank, which funds its mortgage business from its capital reserves rather than borrowing on the money markets.

Bank of China also differs from many traditional UK lenders by being keen to meet its mortgage customers face-to-face and therefore does not provide an online application process.

Loan officers are available in branches to help potential borrowers and can apparently set up special terms based on a customers’s financial situation or investment plan.

Deals are also available via Savills, Legal & General Mortgage Club and two other brokers.

Rates start from 2.5% over base rate.

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Story link: Bank of China opens its doors to mortgage customers

News posted: July 27, 2009

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