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State Bank of India | We Become First Network Distributor

State Bank of India

State Bank of India

Liz Syms
Liz Syms, CEO and Founder of Connect Mortgages

In a groundbreaking move, Connect is the first UK network to secure a broker distribution deal with SBI. This collaboration provides a range of buy-to-let and commercial lending products for UK intermediaries.

The lending options include loans for individuals, SPVs, LLPs, and limited companies, including multi-units.

Rates for limited companies and SPVs start at 2.59% for 60% LTV and 2.89% for up to 75% LTV. Individual buy-to-let mortgage rates begin at 2.09% for up to 60% LTV.

Notable features include a minimum loan size of £50,000, acceptance of first-time landlords, and no arrangement fees on select products. Loan sizes extend up to an impressive £3 million.

Connect for Intermediaries’ packager arm adds value, allowing brokers to access SBI’s competitive rates through Connect’s referral service. This strategic alliance creates new opportunities, enhancing the financial landscape for intermediaries and clients.

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Dinesh Gulati
Dinesh Gulati, Head of Retail Credit at the State Bank of India

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. He stated, “This endorsement reinforces Connect for

Intermediaries are preferred to ensure our appointed representatives maintain top performance in the buy-to-let sector.

It positions them well to meet the escalating demand for SPVs, LLPs, and limited company buy-to-let mortgages.”

Syms welcomed the State Bank of India as a valuable addition to their expanding lender panel. He marked it as a significant milestone in the network’s journey.

The collaboration is anticipated to contribute to their representatives’ continued success and growth in the evolving dynamics of the buy-to-let market.

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