Bank of China offers mortgages for homeowners and buy to let landlords and is open to first time buyers, existing homeowners and those seeking to remortgage.
If you are considering taking out a mortgage with Bank of China, there are some important details you should get to grips with before making a decision.
Compare Bank of China mortgages
Bank of China offer two main types of mortgages to their customers. Which makes sense for you will depend on your financial needs and personal circumstances. Each type of mortgage comes with the following advantages and restrictions:
- Borrow up to £5million
- Repay over up to 30 years
- Make unlimited overpayments
- Homeowners can borrow up 80% of their home’s value
- Landlords can borrow up to 75% of the property’s value
To apply for a Bank of China Lifetime Tracker Mortgage you will need:
- A valid passport
- Your last 3 months’ bank statements
- Your last 3 months’ payslips and your last p60 (or your last 3 years’ accounts and latest self-assessment tax form from HMRC)
- Proof of deposit
Lifetime Tracker Mortgages
Bank of China’s Lifetime Tracker Mortgages offer variable rates of interest tied to the Bank of England base rate. This means the interest rates you pay will go up or down in line with the rate the Bank of England charges banks for overnight lending. This is sometimes called the Official Bank Rate.
Fixed Rate Mortgages
Bank of China also offer 3 Year Fixed Rate Mortgages which offer a fixed rate of interest for the first three years. After this, the rate you pay will be variable. Having a fixed rate can offer some security, by ensuring that know how much you will be paying monthly for the first few years of your mortgage. However, if interest rates go down, you could end up paying more than you would have with a tracker mortgage.
Loan to value ratio
How much you can borrow will depend on your loan to value (LTV) ratio. This represent the total amount of debt, both new and existing, leveraged against your property relative to its market value.
For example, if your property is worth £100,000, you have an existing mortgage of £50,000 and wish to borrow £25,000 more this will give you a loan to value ratio of £75,000/£100,000. This is normally expressed as a percentage, in this case, 75%.
Most lenders will tend to offer better interest rates on their mortgages the lower your loan to value ratio is.
Find the best deals on mortgage rates
At the top of this page you will find our mortgage calculator, which allows you to quickly and easily compare different mortgage deals from across the market. All you need to do is input some basic information, such as why you need a mortgage, how much you would like to borrow and what time period you want to repay over. We will then show you our top picks of the best mortgage deals we can find, making is easier for you to compare and contrast the different offers.