remortgage with bmi
Bank of China Mortgages
Bank of China Remortgage
The Bank of China has been serving customers in the UK since 1929, with branches in major cities such as London, Birmingham, Manchester, and Glasgow. Over the years, it has established a reputation for offering a range of financial products tailored to the needs of its diverse clientele. Among these offerings are mortgage solutions designed to assist both residential homeowners and buy-to-let investors in achieving their property goals.
For those considering remortgaging their homes, the Bank of China provides options such as Lifetime Tracker Mortgages and 3-Year Fixed Rate Mortgages. Talk with BMI Money to ascertain which product best suits your needs.
the differences
What makes Bank of China Mortgages Different?
Competitive Loan-to-Value Ratios
Bank of China offers residential mortgages with a maximum loan-to-value (LTV) ratio of 80%, allowing borrowers to secure larger loans with a smaller deposit compared to some UK lenders.
Large Loan Amounts
The bank provides substantial mortgage options, with loans available up to £5 million, catering to clients seeking higher-value properties or larger financing needs.
Flexibility in Overpayments
Borrowers can make annual overpayments of up to 10% of the original loan amount without penalties, offering greater flexibility in managing mortgage repayments.
3 Steps to Apply for a Bank of China Mortgage
Follow these three simple steps to obtain a Bank of China mortgage:
1
Work with a suitable Broker
Reach out to BMI Money to discuss borrowing through Bank of China.
2
Gather Necessary Documentation
Prepare the required documents for your application:
Valid passport or other identification
Proof of address
Last three months' bank statements
If employed: last three months' payslips and latest P60
If self-employed: last three years' accounts and latest SA302 Tax Calculation Form from HMRC
Proof of deposit (for purchase only)
3
Submit Your Application
Complete and sign the mortgage application form, then submit it along with the necessary documents. The bank will arrange a property valuation survey and assess your application. If approved, they will issue a mortgage offer, typically within three weeks.
Pros & Cons of
Bank of China Mortgages
Pro: Competitive Loan-to-Value Ratios
BOC offers residential mortgages with a maximum loan-to-value (LTV) ratio of 80%, allowing borrowers to secure larger loans with a smaller deposit compared to some UK lenders.
Pro: Large Loan Amounts
The bank provides substantial mortgage options, with loans available up to £5 million, catering to clients seeking higher-value properties or larger financing needs.
Pro: Flexibility in Overpayments
Borrowers can make annual overpayments of up to 10% of the original loan amount without penalties, offering greater flexibility in managing mortgage repayments.
Con: Stringent Application Process
Some applicants have reported a thorough and time-consuming application process, with extensive documentation requirements and detailed questions, which may delay approval.
Con: Potential Language Barriers
While BOC serves a global clientele, non-Chinese speakers might encounter challenges in communication, especially if dealing with staff who are not fluent in English.
Con: Limited Public Information
Some details, like specific eligibility criteria, may require adviser consultation to access. Talk with BMI Money, we can help.
apply today
Take Action with BMI Money
Engaging a mortgage broker for a Bank of China mortgage can provide access to a wider range of loan options. This can potentially secure more competitive rates. Brokers offer expert guidance, simplifying the application process and tailoring solutions to your financial requirements.
Get Started Today
BMI Money offers expert advice and access to an extensive panel of lenders, including the Bank of China, ensuring competitive rates and tailored remortgaging solutions. Our personalised approach simplifies the application process, making it straightforward and stress-free.
FAQ
about
Bank of China
Mortgages
What types of remortgage products does Bank of China offer?
Bank of China provides two main types of mortgage products:
3-Year Fixed Rate Mortgages: These offer a fixed interest rate for the initial three years, providing stability in your monthly payments.
Lifetime Tracker Mortgages: These have a variable interest rate that tracks the Bank of England base rate for the entire mortgage term, allowing your payments to fluctuate with interest rate changes.
What is the maximum loan-to-value (LTV) ratio available?
Bank of China offers residential mortgages with a maximum LTV ratio of 80%, meaning you can borrow up to 80% of your property’s value.
Are there any early repayment charges?
For fixed-rate mortgages, early repayment charges apply if you repay more than 20% of the original loan amount per calendar year during the fixed-rate period. For lifetime tracker mortgages, early repayment charges apply if you repay more than 20% of the original loan amount per calendar year during the first year.
What documentation is required for a remortgage application?
Typically, you’ll need to provide:
Proof of identity (e.g., valid passport)
Proof of address
Recent bank statements
Proof of income (e.g., payslips or tax returns)
Additional documents may be requested based on your individual circumstances.
How long does the remortgage process take?
The remortgage process typically takes around six to eight weeks from application to completion, depending on individual circumstances and the promptness of documentation submission.
Are there any fees associated with remortgaging?
Fees may include arrangement fees, valuation fees, and legal costs. It’s advisable to consult with Bank of China directly or a mortgage advisor to understand the specific fees applicable to your situation.
Can I make overpayments on my mortgage?
Yes, Bank of China allows overpayments of up to 20% of the original loan amount per calendar year without incurring early repayment charges.
How do I apply for a remortgage with Bank of China?
You can start the application process by contacting Bank of China’s mortgage team directly or through a qualified mortgage broker (such as Bright Money Independent) who can guide you through the process.
