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State Bank of India to offer buy to let though The Right Mortgage Network

by: Heather Greig-Smith
  • 02/02/2017
  • 0
State Bank of India to offer buy to let though The Right Mortgage Network
State Bank of India (SBI UK) has made its buy-to-let products available through The Right Mortgage Network.

The range provides financing up to 70% loan to value (LTV) and offers products for individuals, special purpose vehicles (SPVs), limited liability partnerships (LLPs) and limited companies. The loans are available on a fixed or tracker basis, with rates from 2.44%, over a term of three or five years.

The move follows the bank’s declaration that it will increase limited company buy-to-let lending, which is expected to grow significantly given changes to the tax system.

Stephen Banks, head of national sales for SBI UK, said: “We are delighted that our buy-to-let mortgages are available through intermediaries such as The Right Mortgage, thus ensuring a wider distribution of our buy-to-let range.

“In particular, we believe SPV/LLP mortgages will become more central in the market in the coming years. We believe our range is a compelling offer for mortgage intermediaries.”

Martin Wilson (pictured), chief executive of The Right Mortgage & Protection Network, added: “State Bank of India will be another fantastic addition to our panel, offering our members greater choice when sourcing for their clients’ BTL needs. The products that SBI can offer will add significant value for our advisers.”

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