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Scrapping interviews boosts business

Bank of China (UK) says it has seen a boost in business since it scrapped the need for face-to-face interviews with clients.

The lender had until the summer required borrowers to have a face-to-face interview when apply-ing for a mortgage.

Garry Sukhija, vice-president of retail banking at Bank of China (UK), says: “We made the decision because we wanted to open up distribution and requiring a face-to-face interview was acting as a barrier. Since the change we have seen a major uplift in business.”

He adds that 90% of its business is now buy-to-let.

Last week, Bank of China (UK) launched a mortgage range for larger loans between £2m and £10m through Solent Mortgage Services.

The products have a maximum LTV of 70% for residential and 65% on buy-to-let, with lifetime tracker rates starting at 2.5% and 3% respectively, tracking the Bank of England base rate by 2% and 2.5%.



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Can you have a pop to win this mighty bottle of Champagne?

Mark Lofthouse (centre) and his team at Mortgage Brain get dressed up at this year’s Mortgage Business Expo Can you put the boot in to your nearest and dearest to win this delectable bottle of bubbly? In addition, competition sponsor Tiuta will donate £100 to Great Ormond Street Hospital. Submit a witty caption for thephoto […]


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