Bank of China in tie-up to offer broker advice

Bank of China (UK) has become the second bank to dip its toes into the broker market and offer whole-of-market advice in its branches.

As Mortgage Strategy Online exclusively revealed last week, Mortgageforce has secured a deal with Bank of China to operate out of its five UK branches – Cannon Street and Chinatown in London, Birmingham, Glasgow and Manchester.

The service will be for clients seeking a mortgage that falls outside the bank’s normal lending criteria. Bank of China is part of Bank of China Group – the fifth largest bank in the world. The deal comes hot on the heels of HSBC’s tie-up with John Charcol, which is trialling a broker service on a whole-of-market basis.

Fahim Antoniades, partner at Quantum Money, says: “Consumers are becoming more savvy and want to shop around for their mortgage and lenders are realising this.”