New Mortgage (Bank of China ?)

iclark

Hi All,

We're currently looking towards moving home to a new build property.

We're looking for 75% LTV on a 220K property, earnings in the right area (>2.5 x loan), and good credit rating with no debt - other than a secured car loan which is mid term. I hope that will be enough ?

I think we'll need to invoke a sensible broker (whole market) in the next week or so, given I've not done this for over 10 years, and the market is a very different place now. We have a cash buyer in place for our current property, so expect things to need to move quickly for them (and us).

A few comparison searches consistently show Bank of China lifetime tracker as being seemingly the cheapest mortgage out there - seemingly 0.5% above base for lifetime, with rates of 2.7%. This seems too good to be true, does anyone have any experience with BOC ? Just in case I need to discuss later.

Any comments / advice appreciated, very rusty at this.

Thanks

I

betmunch

If your going to Bank of China you will have more hoops to jump through than a circus act.

I did an AIP with them for a client and they asked a huge amount of questions, including "is the job market in the property area seasonal?"!

I'm not saying dont use them, however, make sure you know what to expect. It took almost a week just for the AIP to come through, cant say for the full application as the client couldnt agree a price.

Good Luck

harvey115

I read it somewhere that these guys are the most pickiest in terms of mortgages.

It was written in the newspaper maybe that in the first 15 months they only approved 100 Mortgage applications. So it seems like less people are applying and they are not lending as well.

Other things I have noticed:

- All applicants are interviewed in one of the their branch

I went to see a mortgage advisor a few weeks ago in the local branch but they were not interested in meeting me. I left my number to call me back, but nothing. So I think they are just playing around and not willing to lend.

I would mark them worse then HSBC!

Dave_Ham

I had the same experience as Betmunch, although in the end the client could not deal with the waiting.

I do know a broker who uses them an awful lot though, specifically for higher value mortgages so there must be some appetite and he is always coy over why he uses them...

The deal does sound appealing and would be interested in how you get on.

Good luck

The_J

I love Bank of China.

The Chinese are awesome. None of this touchy feely human rights nonsense we have to put up with here.

betmunch

They dont insist on the interview, and havent done for a while now.

The_J

Have you still got to swear allegiance to Chairman Mao?

Mrs_Z

No personal experience other than I did approach them for a possible BTL mortgage 2 years ago. Found them prompt to get back to me, all info was very straight forward and the product also very competitive. In the end went with another provider as they didn't offer Interest Only option.

DVardysShadow

The_J wrote: »

I love Bank of China.

The Chinese are awesome. None of this touchy feely human rights nonsense we have to put up with here.

Like the freedom to post your opinion on the internet. It's a nonsense.

bigadaj

The post Is starting to take on a mildly racist tone, surely the point is that apart from the middle east then all the money is in china.

harvey115

I think you should try them out at least, I am pretty sure you should be able to get their signs suggesting if they will be willing to pay or not.

However I was not impressed by the way I was given the service.

Bets of luck...