The Bank of China, currently the third biggest bank in the world, has entered the mortgage market in Britain with tracker deals for first time buyers, home movers and customers who want to re-mortgage.

With UK mortgage approvals running at a 14 month high, the Bank of China is looking to cash in on UK borrowers. Before deciding to grant a mortgage however it will insist on a face to face meeting (a bit like the good old days) and they will provide the funds from their own reserves. Don’t worry though, you won’t have to get a slow boat to China as it has several branches in London and others in Birmingham, Manchester and Glasgow.

The products are lifetime trackers at bank base rate plus 2.5 per cent for residential borrowers, and base rate plus 3.5 per cent for buy-to-let borrowers.

It is also offering loans through Legal and General, Savills Lending Solutions, Connect Mortgage Group, Solent Mortgage Services and Complete Mortgage and Loan Services.

With mortgage deals running at a fraction of the number available two years ago many will see this as a welcome entry into the mortgage market.