State Bank of India offering buy-to-let mortgages through brokers again

by Aaron Strutt

Feb 06 2015

State Bank of India has launched back into the intermediary mortgage market after initially pulling out in September 2012.

The Indian-based lender is offering a range of buy-to-let fixed and tracker mortgages to UK nationals with clear credit history.

Aaron Strutt, product manager at Trinity Financial, says: “State Bank of India has a strong appetitive to lend and their rates are competitively priced.  

“Some of their mortgages are also available for up to four applicants with limited liability partnerships (LLP's) and special purpose vehicles (SPV's).”  

• Minimum personal income is £25,000.
• Maximum loan-to-value is 70%.
• £1 million plus buy-to-let mortgages available.
• No first time home buyers - clients should have had a mortgage in the past prior to applying to State Bank of India UK (SBI UK).
• Limited liability partnerships (LLP's) and special purpose vehicles (SPV's) considered.  

• Applicants must be UK nationals.
• Arrangement fees range from £199 to 1% of the loan amount.
• Block of flats will be considered providing they do not have balcony access or they are ex-local authority.
• Maximum portfolio exposure taken for SBI UK is 10 properties. Although outside of this limit clients can have as many properties as they wish.

If you are looking for help to secure a buy-to-let or company mortgage through the State Bank of India, call Trinity on 020 7016 790.