Bank of China providing expat and foreign national mortgages

by Aaron Strutt

Jan 06 2016

Bank of China is offering British expats and foreign nationals a host of competitively priced mortgage rates - including a lifetime tracker.

The bank is accepting applications from expat clients who live and work in China, Hong Kong, Singapore, Malaysia, Taiwan, South Korea and Japan.

If applicants have been residing in one of the accepted countries on a long-term basis, employment history, payslips and credit references will be required.

Foreign applicants residing in the UK for medium term or permanently who are in full-time employment in a permanent position with a minimum of one year’s employment history. If borrowers are self-employed they will need a minimum of three years trading history and financial reports.

The ownership of the mortgage and property can be in a limited company’s name but a personal guarantee from the directors will be required.  

Bank of China is still accepting foreign income unlike many of the other banks and building societies.

Mortgage rates

Trinity Financial has access to the 2.99% lifetime tracker, priced at 2.49% over the Bank of England base rate. The overall cost for comparison is 3.1% APR.

There is a £1,895 arrangement fee and applicants will require a 40% deposit to qualify. This mortgage is available for loans between £50,000 and £500,000.

The rates and arrangement fees increase if you are looking for larger mortgages or you have a smaller deposit.

Please note, the bank charges a 1% early repayment charge for the first 12 months and the mortgage has to be taken on a full capital repayment basis. 

For help to secure an expat or foreign national mortgage, call Trinity on 020 7016 0790.