State Bank of India – 2.84% BTL 5 year fixed 75% LTV £995 fee

The State Bank of India is carving a niche for itself in the Buy to Let mortgage market with competitive 75% Loan to Value rates and criteria.

The Bank will accept applications from first time landlords. They also allow Multiple Units, ie freehold houses which have been converted into multiple flats are acceptable security subject to each flat being fully self-contained and there being no more than three flats per freehold all at standard rates and LTV’s

Applications will be accepted from UK incorporated Limited Companies or Limited Liability Partnerships, established by private individuals, whose sole activity is the purchase and/or re-mortgage of residential property for letting. All company directors, partners, shareholders or members must be named on any application in a company name.

• Loan Amount – Minimum – £50,000.00.  Maximum – £3,000,000
• Maximum age – ONE borrower must be under the age of 65 at the time of application and the term of the mortgage must not extend beyond ANY applicant’s 80th birthday
• Minimum income – £25,000
• Minimum property Value – Properties in London (with a London postal code) must have a minimum value of £150,000. Properties outside of London must have a minimum value of £75,000
• Stress testing Standard BTL – 5 Year Fixed – 145% of monthly interest payments at 5.00%
  Other Products – 145% of monthly interest payment at Product Rate + 2% or 5.50% (whichever is higher)
• Stress Testing SPV/LLP/Ltd Co BTL – 5 Year Fixed – 125% of monthly interest payments at 5.00%
  Other Products – 125% of monthly interest payment at Product Rate + 2% or 5.50% (whichever is higher)

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