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Connect becomes State Bank of India’s first network distributor

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  • 25/10/2017
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Connect becomes State Bank of India’s first network distributor
Connect has added the State Bank of India (SBI) to its panel of lenders making it the first network in the UK to agree broker distribution with the foreign bank.

It offers a range of buy to let and commercial lending products to UK intermediaries.

These include loans for individuals, special purpose vehicles (SPVs), limited liability partnerships (LLPs) and limited companies, including multi-units.

Rates for limited company and SPV start from 2.59% for 60% loan-to-value (LTV) and from 2.89% for up to 75% LTV. For buy-to-let mortgages for individuals, rates start from 2.09% up to 60% LTV.

Other key features include:

  • Minimum loan size of £50,000;
  • First-time landlords accepted;
  • No arrangement fees on some products;
  • Loan sizes of up to £3m;
  • Brokers who use Connect for Intermediaries’ packager arm will also be able to take advantage of State Bank of India’s rates through Connect’s referral service.

 

Rise in limited company BTL

State Bank of India head of retail credit Dinesh Gulati said he was believed the deal would work well for both the bank and network: “The buy-to-let market has witnessed a slew of changes, be it portfolio landlord rules or tax changes favouring SPVs. We now accept exposure to 25 properties and our rates for SPVs are as low as 2.59%.”

Connect for Intermediaries CEO Liz Syms (pictured) noted that the market had seen a rise in buy-to-let mortgage lending to companies.

“State Bank of India is in the top five lenders for SPV products and has the most competitive rates available in the UK at this time. It is therefore a real endorsement of Connect for Intermediaries that State Bank of India has decided to choose our network to partner exclusively with,” she said.

“This will ensure that our appointed representatives remain among the top performing ARs in the country where buy to let is concerned. It will also enable them to keep up with the growing demand for SPV, LLPs and limited company buy-to-let mortgages that we are seeing.

“The State Bank of India is a very welcome addition to our growing and diversifying lender panel, and represents another significant milestone in our journey,” she added.

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