Rate reductions, competitive fees and relaxation of the face-to-face interview requirement all signal the Bank of China's greater enthusiasm to lend in the buy-to-let and residential mortgage sectors this year, said Solent Mortgage Services (SMS).
The packager based in Hampshire and Bank of China’s biggest intermediary partner in the UK said the bank’s ambition was clear, despite its tough criteria and lending from a small base.
The bank has reduced its residential rate offered through SMS down to 1.8% plus Bank Base Rate (BBR) on its lifetime tracker with an Early Redemption Charge (ERC) of 1% in the first year. A fixed flat fee of £1,895 on buy-to-let deals also looks competitive against the rest of the market, said SMS.
Ian Balfour, CEO at SMS added: “It is also significant that Bank of China no longer requires a personal interview with prospective clients, which has led to improvements in time taken from application to offer.”
