We’ve been used to the proliferation of Chinese restaurants, now almost on every high street, then Chinese imports as their economy flourishes. Now Bank of China Mortgages are here, maybe they see the UK as a great opportunity?
There has been much publicity regarding UK banks and the higher mortgages costs, lack of availability, etc, and we have blogged about them here. but maybe, just maybe, the Bank of China could start to change the banking market for the better by introducing much needed competition and more cash.
The Bank of China will offer mortgages to both Buy-To-Let investors and homeowners, with mortgages starting at around 2.5% over BBR (which is an effective rate of 3% as at July 2009). As yet we do not have details on the all-important loan-to-value (LTV) they will be offering, but it cannot be any worse then the UK banks are currently offering, and hopefully much better.
But dint think it is just a simple process of going to your current mortgage broker as they may not be able to access the Bank of China, it is understood that the mortgages will initially be brokered through Savills, and the Legal & General Mortgage Club. Other brokers are expected to be appointed by the Bank, but it seems not all brokers will have access.
Lets hope this move the the Chinese Bank will provide a much-needed shake up of the UK banking system and kick-start the mortgage lending to help with the recovery of our battered property market.
Here are some contact details of brokers providing access to mortgages with non-UK banks….
- Savills – 0870 900 7762
- Legal & General Mortgage Club – 01226 230504
- LargeMortgageLoansUK – 020 7519 4900
Looking for buy-to-let properties? BMV Properties at discounts to todays valuation? << click here
Before letting don’t forget to check tenant backround for financial risk? << click here
