World's third largest bank, Bank of China has surpassed many of the UK lenders in offering mortgages to British borrowers at a noticeably lower rate.

Earlier, the bank of China was paying attention to providing credit to the Chinese community in England.

Bank of China has been aiming at homeowners plus buy-to-let customers with rates from 2.5% above the base rate.

Four brokers including Legal & General Mortgage Club and Savills are supporting the lender in marketing transactions.

However, taking a loan from China will altogether a different experience as the lender persists on meeting all borrowers in person prior to decide on offering a loan. Moreover, the lender will provide credit from its personal capital reserves.

Speaking on the issue, Robert Law, an analyst at Nomura said, "The UK is likely to be relatively attractive for overseas lenders who can access funding."

UK witnessed 17% rise in home loans in June with gross mortgage lending standing at £12.3 billion, up from £10.5 billion in May.

It should be noted here that UK banks abridged their mortgage transactions after the Bank of England kept the interest rate at a record low of 0.5%.

The current move of the world's third largest lender is believed to boost credit supply plus egg-on other lenders to come forward with more mortgage facilities.