Residential tracker rates are now being offered at 2.8% (2.3% over bank base rate), with commercial and buy-to-Let at 4% (3.5% over bank base rate), along with lower arrangement fees and reduced valuation fees.

Ian Balfour, chief executive officer at SMS, said Bank of China should be congratulated for releasing products designed exclusively for the broker market.

He added: “They have listened to the feedback from their introducers and as a result, we are now able to offer some of the most attractive new mortgage products available in the market, thanks to the reduction in margin and cheaper valuation and arrangement fees.”