State Bank of India temporarily halts new mortgage lending

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State Bank of India (SBI) has temporarily stopped accepting new mortgage applications to maintain their service standards. SBI started offering UK buy-to-let mortgages in September 2011 and has one mortgage rate priced at 3.99% over the Bank of England base rate. A State Bank of India UK spokeswoman told Mortgage Strategy magazine: “We currently have a large number of applications in our pipeline and are reviewing and enhancing our offering and internal processes, and therefore are processing existing applications only.” Trinity has access to the lowest buy-to-let two year fix rate through Abbey for Intermediaries at 3.09%. It is available to investors if they have a 40% deposit and it has a 2.5% arrangement fee. Aaron Strutt, a broker at Trinity Financial, says: “Some lenders are very busy at the moment and it makes sense for them to temporarily stop lending to maintain service standards, especially if they are really behind with processing. “According to the Nationwide's website, they are taking 13 days to assess case documents and an average of 19 days to produce a mortgage offer.” September 21, 2012
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