Bank Of China enter UK Mortgage Market
2 years ago
First-time buyers and people struggling to find mortgage finance may be thrown a life line by an unlikely source- The Bank of China.
Last week the state owned commercial bank -the worlds third biggest said that it would offer loans to UK borrowers.
Rate are competitive at 2.5% above the base rate on a lifetime tracker.Buy to Let borrowers will pay 3.55 above the base.However there are downsides,including a 1% fee and conservative income multiplied to new borrowers.Also the mortgages must be take out on a repayment rather than interest only basis,which may not be attractive to buy to let investors