Connect adds State Bank of India to panel

Mortgage network Connect for Intermediaries has added State Bank of India – the largest bank in India – to its panel.

The bank offers limited company and special purpose vehicle buy-to-let mortgages with rates starting from 2.59% to 60% LTV and 2.89% to 75% LTV.

It also offers buy-to-let mortgages for individuals from 2.09% to 60% LTV, while it accepts applications from first-time landlords if they have a residential mortgage.

Liz Syms, chief executive of Connect for Intermediaries, said: “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.”

Connect’s ARs can meet the bank at the Connect masterclass session held on 31 October at its offices in Hornchurch.

Connect now has a panel of more than 100 lenders, with Octane, West One and Funding Circle being added this year.

Dinesh Gulati, head of retail credit for the State Bank of India, said: “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.”