State Bank of India
In a groundbreaking move, Connect has solidified its status as the inaugural UK network to establish a broker distribution agreement with the State Bank of India (SBI). This collaboration opens up a spectrum of buy-to-let and commercial lending products for UK intermediaries.
The array of lending options encompasses loans tailored for individuals, special purpose vehicles (SPVs), limited liability partnerships (LLPs), and limited companies, including multi-units.
The rates for limited companies and SPVs kick off at 2.59% for a 60% loan-to-value (LTV) and 2.89% for up to 75% LTV. For individual buy-to-let mortgages, competitive rates commence at 2.09% for up to 60% LTV.
Among the notable features are a minimum loan size of £50,000, a welcoming stance toward first-time landlords, and the absence of arrangement fees on select products. Furthermore, the loan sizes extend up to an impressive £3 million.
Connect for Intermediaries’ packager arm introduces an added advantage, enabling brokers to leverage the competitive rates offered by the State Bank of India through Connect’s referral service. This strategic alliance ushers in a new era of possibilities, enhancing the financial landscape for intermediaries and clients.
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The anticipated deal is poised to benefit the bank and the network mutually. He remarked, “The buy-to-let market has undergone numerous changes, encompassing portfolio landlord regulations and tax adjustments favouring Special Purpose Vehicles (SPVs). We embrace exposure to 25 properties, offering competitive rates as low as 2.59% for SPVs.”
Liz Syms, the CEO of Connect for Intermediaries, highlighted a notable uptick in buy-to-let mortgage lending to companies within the market. She expressed satisfaction with the State Bank of India’s position as one of the top five lenders for SPV products, citing their currently competitive rates in the UK.
Syms emphasised the significance of State Bank of India selecting their network for an exclusive partnership, stating, “This endorsement reinforces Connect for
Intermediaries are preferred, ensuring our appointed representatives maintain top performance in the country’s buy-to-let sector.
It positions them well to meet the escalating demand for Special Purpose Vehicles (SPV), Limited Liability Partnerships (LLPs), and limited company buy-to-let mortgages.”
Syms welcomed the State Bank of India as a valuable addition to their expanding and diversifying lender panel, marking it as a significant milestone in the network’s
journey. The collaboration is anticipated to contribute to their appointed representatives’ continued success and growth in response to the buying-to-let market’s evolving dynamics.