While foreign banks fled Australian shores due to the GFC, they are returning to the UK due to reduced competition, according to reports.
A lack of capital, extremely cautious lending policies and reduced competition has seen Chinese, Israeli and Swedish banks start lending to borrowers in the UK.
Among the banks now offering competitive mortgage products are Israel's Bank Leumi (UK), Sweden's Handelsbanken and the world's third biggest bank, Bank of China.
The official cash rate in the UK is just 0.5% but mortgage rates vary from 4% to 7% a year.
Currently Bank Leumi is offering the lowest tracker rate (a mortgage that tracks the Bank of England rate changes) in the UK at just 2.52% while Bank of China's rate is 3%.
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