Bank of China makes changes to their mortgage rates

by Aaron Strutt

Apr 27 2012

Bank of China has made changes to their market leading base rate tracker mortgages and they have withdrawn their private banking rate at 2% over bank base. The bank continues to offer mortgages to a maximum of £10 million and at a rate of 2.30% over the Bank of England base rate. Clients will need a 25% deposit for mortgages up to £500,000 and a 30% deposit for mortgages over £500,000. The arrangement fee varies from £1,295 to 1% of the loan amount, depending on the size of the mortgage. Aaron Strutt, a broker at Trinity Financial, says: "Bank of China has just told us that they are changing their rates. They have received an extremely high volume of enquiries and applications. The new rate at 2.8% is still particularly attractive, especially for large loans."