Bank of China 'widens buy to let availability' - buy to let mortgages

29 July 2009

Access to buy to let mortgages is being widened with the Bank of China's entry into the British market, Hamish McRae writes for the Independent.

He explains that the Chinese economy is built on lower levels of lending than in the West.

This has allowed it to weather the financial turbulence seen globally in past months and offer some of its funding to customers in other countries.

In the UK, this has emerged in the form of buy to let mortgages for property investors who cannot find funding with British domiciled banks.

Meanwhile, Citywire claims that the lender is likely to mark a return to banking practices not seen for some time in the UK.

These include rigorous credit checks and products which require a deposit of at least 25 per cent in order to receive approval from the Bank of China.

Face to face meetings before lending will be approved are also likely to emerge, the publication adds.

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