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Four Uk Distributors Offering Bank Of China Mortgages

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Four UK distributors offering Bank of China mortgages

Mortgage Strategy has learned that four key distributors have now signed up to distribute Bank of China mortgages in the UK.

The four distributors now officially offering products from Bank of China (UK) are Solent Mortgage Services, Complete Mortgage & Loan Services, Connect Mortgage Group and Savills Lending Solutions.

Bank of China is currently the third largest bank in the world by market capitalisation and has a presence in the UK since 1929.

The products on offer are prime mortgages for both buy-to-let and residential and Bank of China (UK) and are shown on Trigold and Mortgage Brain.

The products currently offered via the four distributors are equivalent to lender direct deals for the intermediary market.

Bank of China (UK) charges a 1% arrangement fee which is shared between the Bank and the distributor.

Their residential rate is base plus 2.5% with a minimum £888 fee, with a 1% ERC in the first 12 months.

One industry source says: “Bank of China have a strong global brand and it’s great to see them branching out into the UK market – the rates being offered at the moment are fantastic."

Yet another system of transference from the UK to the Dragon. Look at the timing.

Sure, they lure you in with very 'appealing' terms, but can and will change the goalposts.

It will end with a raft of repossessed property falling in the hands of the Chinese for a song. They've been doing this, very successfully, in the US and Canada for more than a decade.

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Here we go again........having just had a collapsed economy due to the US sub-prime banksters pulling out it seems the govt. and FSA are going to try and repeat the exercise using our own recycled money from China.

Globalisation is going to kill us all.

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I'm sure the pent up mass of British FTBs will be clamouring to enter indentured servitude to the Orient.

Sorry, I mean the banking Leviathan.

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who cares where the money comes from....the moon for all I care. house prices are still way too high.

and from the MSE website the deals are for 75% LTV, full checks.

Edited by Bloo Loo

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who cares where the money comes from....the moon for all I care...

If your income is extracted as rent*, at least you benefit when the money circulates within your economy. In this case, that does not apply.

*includes mortgage payments

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If your income is extracted as rent*, at least you benefit when the money circulates within your economy. In this case, that does not apply.

*includes mortgage payments

thought they would be £ mortgages, not in remnimbypimby's.

could be dodgey if they are.

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I assume the Chinese are going to open up their mortgage market? Thought not.

The Chinese going to open up their consumer market to UK firms?

Globalism is fine in some eyes provided the wealth transfer is one way, with a considerable "commission" going to bankers.

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I assume the Chinese are going to open up their mortgage market? Thought not.

The Chinese going to open up their consumer market to UK firms?

Globalism is fine in some eyes provided the wealth transfer is one way, with a considerable "commission" going to bankers.

Bankers? Chinese bankers.

One thing I do know about the Chinese is that they are very insular in regards to their business dealings. I very much doubt that a bunch of wannabe, trumped up, white man British born bankers will reap any real profit from this.

Sure they will put up a good face in the front end, as the Chinese always have done in business, with a Scottish comptroller, American sales, and European legals as Western clients demand; but behind the doors it will be an exclusive club, just as it always has been.

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