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%.