SBI UK expands availability of buy-to-let products

Sharad Chandak, Regional Head, SBI UK.
Sharad Chandak, Regional Head, SBI UK.

STATE BANK OF INDIA (UK) LIMITED (SBI UK) has announced that their buy-to-let (BTL) product range will also be made available through the legal and general mortgage club.

SBI UK provides BTL financing up to 75 per cent loan to value (LTV) to portfolio landlords and individuals.

It offers attractive products for limited companies and expats.

The underwriting process allows the bank to consider individual cases on merit of each case instead of a one size fits all approach.

The Indian lender has a cap of £5 million BTL exposure to an entity/ individual but there is no restriction on number of properties.

The bank also offers committed line facility, giving landlords more flexibility to have funding line in place for purchases through auctions, and others, the lender said in a release.

Stephen Banks, head of national sales for SBI (UK) Limited said:  “We are incredibly excited to be working with legal and general mortgage club. They have an excellent long-standing reputation as one of the leading distributors in the UK mortgage market.

“The bank has doubled its BTL book in last 18 months reflecting the growth of its network for customers, and legal and general mortgage club would help us attract more customers as we continue to offer a range of BTL mortgage products at attractive rates in the market.”

Danny Belton, head of lender relationships at legal and general mortgage club, said:  “We are delighted to have SBI UK buy-to-let mortgage products available to our members, especially since the bank offers a competitive and compelling BTL mortgage range. We look forward to working closely in partnership to develop products and criteria further.”