The service will be for BoC customers whose needs or criteria falls outside the bank’s normal lending criteria. BoC currently offers a small, specialist UK proposition to its clients from its five branches.
BoC will now refer its customers to mortgageforce advisers in its UK branches, similar to the recent referral deal struck between John Charcol and HSBC.
Mortgageforce managing director Kevin Duffy says he is delighted with the deal: “We have been working on this deal for a while and its an ideal partnership. We will be advising on mainly high net worth, discrete and bespoke arrangements to BoC’s predominantly Asian clientele.”
Duffy says the brokerage is actively seeking more corporate referral deals: “Deals like this secure us in these recessionary years,” he says, “we had 2000 leads from our corporate referral panel alone last month.”