Legal & General Mortgage Club expands buy-to-let panel

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State Bank of India (UK) has announced that its buy-to-let product range is to be made available through the Legal and General Mortgage Club.

SBI UK provides buy-to-let financing up to 75% LTV to portfolio landlords & individuals. It offers products for limited companies, expats and HMOs.

Applications from newly formed SPVs and individual to SPV transfers are also accepted.

The underwriting process allows the bank to consider individual cases on merit of each case instead of a one size fits all approach. It has a cap of £5 million buy-to-let exposure to an entity/ individual but there is no restriction on number of properties.

The bank also offers committed line facility, giving landlords more flexibility to have funding line in place for purchases through auctions etc.

Stephen Banks, head of national sales for SBI (UK), said:  “We are incredibly excited to be working with Legal and General Mortgage Club. They have an excellent long-standing reputation as one of the leading distributors in the UK mortgage market.

“The bank has doubled its buy-to-let book in last 18 months reflecting the growth of its network for customers, and Legal & General Mortgage Club would help us attract more customers as we continue to offer a range of buy-to-let mortgage products at attractive rates in the market.”

Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “We are delighted to have SBI UK buy to let mortgage products available to our members, especially since the bank offers a competitive and compelling buy-to-let mortgage range. We look forward to working closely in partnership to develop products and criteria further.”

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