Under the new scheme, funding is available up to £10 million with a maximum LTV of 70% for residential and 65% on BTL with lifetime tracker rates starting at 2.5% and 3.00% respectively, tracking the BBR by 2 and 2.5%.
Launching the new products, Ian Balfour, CEO of SMS, commented:
“We are delighted that our work with Bank of China (UK) has borne fruit over the past twelve months. This latest facility is testament to the hard work done on both sides and Bank of China is demonstrating that through its competitive rates and acceptance of loans up to £10 million that they have a real appetite to lend.
"We are sure that brokers with HNW clients looking to move into the prestige property market either to occupy or as an investment will not be disappointed.”
