Connect for Intermediaries adds India’s largest bank to its panel
State Bank of India has joined the growing Connect for Intermediaries network panel, which has already welcomed Octane, West One and Funding Circle since the beginning of the year.
State Bank of India has operated in the UK for over 95 years. It offers a range of residential buy-to-let and commercial lending products to UK intermediaries. The bank has more than 400 million customers worldwide and offices in 38 countries, making it India’s largest bank.
Connect for Intermediaries the only network in the UK that State Bank of India currently distributes its mortgages through. It is offering Connect’s AR’s some of the market’s leading rates for limited company and SPV buy-to-let mortgages with rates starting from just 2.59% for 60% LTV and from 2.89% up to 75%. Rates are even lower for its buy-to-let mortgages for individuals starting from 2.09% up to 60%.
Other key features are:
- Minimum loan size of only £50,000
- First time landlords accepted
- No arrangement fees on some products
- Loan sizes of up to £3million
- 60% and 75% LTVs
- Competitive valuation fees
- Products for individuals, SPVs, LLPs and limited companies, including multi-units
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.
Connect ARs will be able to meet face-to-face with State Bank of India (SBI) and find out more about its proposition at the Connect masterclass held on the 31st October. The series of masterclasses were announced at the beginning of the month and are taking place across the country until March next year.
State Bank of India offers a flexible case-by-case underwriting approach, which means applications are looked at on their own merits. It also accepts applications from first time landlords if they have an existing residential mortgage. SBI has continued to expand its UK operations, and earlier this month promoted its managing director, Rajnish Kumar to chairman.
Dinesh Gulati, Head of Retail Credit for the State Bank of India, says:
“The buy-to-let market has witnessed slew of changes, be it portfolio landlord rules or tax changes favouring SPVs. SBI has been on top of things to ensure that we are in line with market and better placed to suit the need of buy-to-let borrowers. We now accept exposure to 25 properties and our rates for SPVs are as low as 2.59%.
“Connect for Intermediaries provides a network that is tailored to fully support needs of the modern day broker. I am sanguine that our collaboration with this fast evolving network will prove to be mutually beneficial.”
Liz Syms, pictured, CEO of Connect for Intermediaries says:
“The market has 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.
“This will ensure that our ARs remain amongst 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. We pride ourselves on helping specialist brokers to explore and understand niche areas of the market. It is therefore fantastic that we can offer such an extensive range of specialist products. This will be welcomed by our ARs who already have access to a panel of more than 100 lenders, ensuring they have the best possible lending solutions available in the market.”