Mortgage Solutions revealed last month that State Bank of India (SBI) would soon begin to distribute its buy-to-let products through UK intermediaries.
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 (LLP).
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 (pictured), managing director of mortgages at Sesame Bankhall Group, said: “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.”
