Indian bank moves into UK buy-to-let mortgage market
The State Bank of India, which announced its launch into the UK residential mortgage market a year ago, is to add a five-year buy-to-let tracker loan to its range.
The deal will offer up to 70% LTV on a repayment basis or 65% on interest-only, and will cost 3.99% plus base rate.
The FSA-regulated bank, which is 59.41% owned by the Indian government, joined the Council of Mortgage Lenders in February.
It is in talks with brokerage firms including John Charcol for distribution.