State Bank of India return to BTL lending up to 70% LTV

State Bank of India (UK) Ltd is pleased to announce that with effect from Tuesday 5th May 2020 it will resume accepting applications for Buy to Let mortgages.

Products will be available up to 75% Loan to Value for a range of purchase and re-mortgage fixed rate products. Given the current circumstances, State Bank of India (UK) Ltd will put in place the following lending restrictions till further notice:

  • Maximum loan amount (per property) will be 500K
  • Total lending against a portfolio of BTL loans will be restricted to a portfolio LTV of 70%
  • In cases where the existing BTL facility is under payment holiday, the disbursement of the refinance facility will be subject to evidence of restart of rental flows
  • The mortgage offer will be issued only after a physical valuation has been conducted

 Please follow the normal process for submitting applications via the EFO system.

If you have any queries regarding the above, please call us at 0344 967 1860 or contact your Business Development Manager or write to us at

A copy of our updated product range is attached here.

An Update on Service Levels from State Bank of India (UK) Ltd (“SBI UK”)

Further to our previous communication in regard to the impact Covid-19 is having on service levels, State Bank of India (UK) Ltd has reviewed the situation and as we remain unable to access valuation services we will not be accepting any new decisions-in-principle or applications until further notice.

We appreciate that this will cause delays and may inconvenience you and your clients. We can only apologise for this and assure you that all current applications or mortgages for those with agreed decisions-in-principle will be processed as normal and will be progressed to offer as soon as valuation services return.  We will also continue to support any customers that have mortgage offers in place and wish to proceed to completion.

If you have clients with existing mortgages in place with SBI UK, we have arranged support mechanisms for those currently finding it difficult to keep up with their mortgage repayments. Your clients may contact us through the usual channels to discuss their options, such as payment holidays. Please be aware however that we are receiving very high call volumes at the moment and wait times may be longer than normal.

SBI UK fully intends to return to offering buy-to-let mortgages and reiterates its commitment to supporting the UK mortgage industry during these challenging and unprecedented times. We will continue to monitor the situation and return to providing the full range of our products and services at the earliest opportunity.