The Chinese take a punt on the UK housing market

There is something grimly inevitable about this....

British landlords and homeowners will soon be able to mortgage their properties with the Bank of China. Mortgages from the Chinese bank are offered via four brokers, starting at 2.5% above the base rate.

Bank of China previously focussed on lending to Chinese communities in the UK, but is now widening its scope. Borrowers will have to attend a face-to-face meeting with the bank to secure the mortgage. The move could prompt more foreign banks to start lending on the British market as UK-based mortgage lenders continue to keep tight controls over lending.

Thanks Kevin for the link....