This information does not contain all the details you need to choose a mortgage. Make sure that you read the separate Buy to Let Mortgage Illustration before you make a decision.
Tracks the Bank of England Base Rate for the life of the mortgage plus 3.38% (current tracker rate 3.88%). The overall cost for comparison is 4.1% APR variable.
A different rate applies for applications in the name of a limited company. Please contact us for more information.
Loan to Value Limits (LTV)
|PURCHASE PRICE / VALUATION
||MAXIMUM LTV |
|up to and including £150,000
|over £150,000 and up to and including £500,000
The valuation cost is paid for at the time of application and depends on the purchase price of the property.
There is an arrangement fee; the precise amount will depend upon the amount borrowed (please see below).
||ARRANGEMENT FEE |
|up to and including £500,000
|over £500,000 and up to and including £1,000,000
|loans over £1,000,000 and up to £1,500,000
||0.5% of the loan amount|
|loans from £1,500,000 and up to and including £10,000,000
||1% of the loan amount|
£35 telegraphic transfer fee for wiring the loan amount to your nominated Solicitor.
£95 deeds discharge fee when your mortgage is redeemed fully.
Early Repayment Charge (ERC)
Applies in the first year if the loan is fully repaid and is calculated at 1% of the original loan advance.
Permitted up to any amount and will trigger the ERC mentioned above if the loan is fully redeemed in the first year.
It is necessary to open a Bank of China (UK) Limited current account to service the monthly payments. Rental income must be paid to this account.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
MAKING AN APPLICATION
Our branch-based loan officers are responsible for initially assessing and managing your application. Please contact your nearest branch for more information and to arrange an appointment. When making an application, the following documents should be taken to your branch meeting in order to speed up the application process:
- Valid passport
- Last 3 months bank statements (please note that we do not accept on-line bank statements)
- Last 3 months payslips and latest P60
- If self-employed then last 3 years audited accounts and latest SA302 Tax Calculation Form from HMRC (for applicants who complete their tax returns through self assessment)
- Proof of deposit (for purchases only)
Legal Fees Assistance For Re-Mortgages
For residential re-mortgages, including Buy to Let, we will pay our choice of conveyancer their legal fees to act for us only, including VAT and standard disbursements, based on a standard remortgage transaction.
We will not pay for unusual or additional work or disbursements, which will be payable by you on or before completion including, but not limited to, leasehold properties, unregistered land, transfers of title, additional charges on the property.
If you decide to take your own legal advice you will be responsible for arranging it and any associated costs. You should at all times consider carefully the need to obtain legal and financial advice before taking out a mortgage.
Please note that this offer only applies to properties in England & Wales. The maximum loan is up to, but not including, £1 Million. This offer is not available to limited company applicants or for clients introduced to the Bank of China (UK) Limited via mortgage intermediaries.