State Bank of India UK buy-to-let products now available through L&G Club

UK buy to let

State Bank of India UK’s buy-to-let product range will also be made available through brokers using Legal and General Mortgage Club.

The firm provides buy-to-let financing up to 75% LTV to portfolio landlords & individuals, while it provides products for limited companies, expats and HMOs.

Stephen Banks, head of national sales for SBI UK, 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 & 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 & 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”.

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

State Bank of India UK also offers committed line facility, giving landlords more flexibility to have funding line in place for purchases through auctions for example.