SBI is the largest commercial bank in India and is new to the intermediary market in the UK.
The lender will consider applications from individuals and via Special Purpose Vehicles (SPV) or Limited Liability Partnerships. SBI’s buy to let product range is available up to 70% loan to value and includes three and five year tracker products starting from 2.99%. It also has a selection of five year fixed rate products with a choice of no arrangement fee, a flat fee or a percentage fee starting from 3.79%.
John Cupis, Managing Director, Mortgages, at SBG, commented:
“We are very pleased to have further extended our offering with the addition of State Bank of India’s buy to let products and I am sure the bank’s competitive rates and prudent yet realistic approach to mortgage lending will prove popular with our members.”
Sanjay Naik, Head of Retail for SBI, UK, said:
“We are delighted that our new buy to let mortgages are available through intermediaries such as Sesame, thus ensuring a wider distribution of our buy to let range.”