State Bank of India to offer buy-to-let mortgages
State Bank of India (SBI) has confirmed that it will launch a buy-to-let mortgage option for borrowers in the UK and plans to enter the residential market in 2012.
The bank, 59.4% owned by the Indian government, plans to offer a lifetime tracker at 4.49% with a £2,140 fee to investors with a 40% deposit.The maximum loan per property will be £1.5 million and the maximum lending limit for a property portfolio is set at £3 million.
The mortgages will initially be available through branches, to professional landlords and those with second homes.
Their tracker rate mortgage is more expensive than the best-buy lifetime tracker from Woolwich at 3.48%. However, SIB does not tie borrowers in and there are no early repayment charges.
SBI is the 50th largest bank in the world and is believed to be the first Indian bank to enter the UK mortgage market.
Trinity work with the Bank of India and we have access to their mortgage rates. Call us on 020 7016 0790.
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