2 Aug

Bank of China mortgage lending is "an exciting new development"

Bank of China mortgage lending is "an exciting new development"

The Bank of China's decision to offer buy-to-let mortgage lending to UK consumers is a positive development, according to one property expert.

New plans to tempt homebuyers and buy-to-let investors with lower-rate mortgages than many British high street firms suggests that the bank is demonstrating a new confidence in the country's housing market.

Keshav Thukaram, managing director of Smartlandlord.co.uk, said that despite recent media coverage, the private rented market is "buoyant", although the lack of available property finance has proved to be a problem.

"This is an exciting new development," he said. "Although the Bank of China is currently lending on a limited scale, every little helps."

The Chinese bank's new lending could also pave the way for additional lenders to enter the sector.

In related news, the Residential Landlords Association claimed earlier this month that with approximately 500 products on the market, there are always opportunities for buy-to-let customers to enter the market.

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