Bank of China increases LTVs to 80%
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Bank of China has increased its LTVs to 80% on its residential range of mortgages.
The lender previously offered LTVs up to 75% on its residential range.
It has also increased LTVs on its buy-to-let range to 75% up from 65% and commercial mortgages up to 70%, also up from 65%.
Bank of China, which distributes both direct and through brokers, offers residential, buy-to-let and commercial mortgages, with rates starting from 2.8%, 3.88% and 4% respectively.
Garry Sukhija, vice president - retail at Bank of China (UK), says: “We want to cement our position in the marketplace. We feel now is the right time to increase our lending in the UK and the increase in our LTVs reflects this.”
The bank uses retail deposits to fund its lending and is currently utilising under 25% of its deposits.
The bank recently added All Types of Mortgages and TBMC to its distributor panel.
