Connect Partners with SBI for Broker Distribution in the UK
In a significant development, Connect has become the first UK network to secure a broker distribution agreement with SBI. This partnership offers an extensive selection of buy-to-let and commercial lending products tailored for UK intermediaries.
The available lending options cater to individuals, SPVs, LLPs, and limited companies, including those managing multi-unit properties. Importantly, the rates are highly competitive across various borrower types.
For limited companies and SPVs, rates begin at 2.59% for up to 60% LTV and 2.89% for 75% LTV. Meanwhile, individual buy-to-let mortgage rates start as low as 2.09% for loans with up to 60% LTV.
Key product features make these offerings attractive for borrowers. These include a minimum loan size of £50,000 and no arrangement fees on certain products. First-time landlords are also eligible, while loan amounts can go up to an impressive £3 million.
Connect for Intermediaries further strengthens this deal through its packager service, allowing brokers access to SBI’s competitive rates. By utilising Connect’s referral system, brokers can easily streamline client applications.
This collaboration marks a significant step forward for the UK mortgage market. It introduces fresh opportunities for intermediaries while expanding financial solutions for their clients.
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The anticipated deal is expected to benefit the bank and the network mutually. The spokesperson noted, “The buy-to-let market has seen significant changes, including portfolio landlord regulations and tax policies favouring Special Purpose Vehicles (SPVs).”
They emphasised the bank’s readiness to handle portfolios of up to 25 properties. Additionally, they highlighted competitive rates starting as low as 2.59% for SPVs, setting a strong foundation for market growth.
Liz Syms, CEO of Connect for Intermediaries, observed a substantial increase in buy-to-let mortgage lending to companies within the sector. She expressed satisfaction with the State Bank of India ranking among the top five lenders for SPV products. Their competitive rates, tailored to the UK mortgage market, have solidified their position.
Syms further stressed the importance of this exclusive partnership with the State Bank of India. She remarked, “This endorsement underscores Connect for Intermediaries’ commitment to ensuring our appointed representatives excel in the buy-to-let market.”
This collaboration positions the network to effectively address the rising demand for SPVs, LLPs, and limited company buy-to-let mortgages. The partnership strengthens their ability to offer tailored solutions, empowering intermediaries to deliver value to clients.
Welcoming the State Bank of India to their expanding lender panel, Syms described the collaboration as a pivotal step. She highlighted its importance in supporting representatives’ growth and success in the rapidly evolving buy-to-let landscape.
As the market adapts, this partnership aims to enhance opportunities for both the lender and the network. The collaboration marks a significant milestone for all stakeholders involved by focusing on innovation and competitive offerings.
Thank you for reading our publication “State Bank of India | We Become First Network Distributor.” Stay “Connect“-ed for more updates soon!
