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Bank of China

The Bank of China is one of four state owned commercial banks. A branch was set up in London in November 1929 and was the first Chinese State financial institution to be formed overseas, it now has branches in Birmingham, Manchester, Glasgow and London Chinatown. In October 2007 the Bank of China (UK) Limited became a wholly owned UK subsidiary of the Bank of China. The bank has registered capital of £20 million and offers both retail and corporate banking services to its customers across the UK.

The bank offers base rate tracker mortgages for first time buyers, home movers, customers who wish to re-mortgage and buy to let investors. Residential customers can apply to borrow up to 75% of the property value (under £250,000) or 70% of the property value (over £250,000).

Buy to let customers can apply to borrow up to 65% of the property value (under £250,000) and 60% (over £250,000).

With both residential and buy to let mortgages - if you repay the whole loan within the first year you will be charged a 1% Early Repayment Charge, overpayments are allowed throughout the loan period and interest is charged daily so you will benefit from any changes to the base rate immediately. Product Arrangement Fees are calculated on a sliding scale starting at £995 for residential loans under £150,000 and rising to 0.5% of the loan amount if you are borrowing over £1,000,000.

 

Bank of China Mortgage Products

Residential Lifetime Tracker mortgages: You will pay 2.3% above the Bank of England Base Rate for the whole mortgage term. Your monthly payments will therefore fluctuate and follow any announcements made by the Bank of England.

Buy to Let mortgages: You will pay 3.38% above the Bank of England Base Rate for the whole of the mortgage term. Your monthly payments will therefore fluctuate and follow any announcements made by the Bank of England.

If you are interested in a mortgage quotation including those offered by the Bank of China please complete our quick enquiry form.