State Bank of India in the UK


​State Bank of India (SBI) has a 200-year heritage and is one of the top 50 largest banks in the world. It is the largest commercial bank in India and in April 2018, the bank launched its UK subsidiary, by ring fencing its existing UK branch network and operations, State Bank of India (UK) Limited. 

Article date: 16/08/2018

​SBI UK Ltd is a customer-focused bank that values fairness and transparency. Its network of branches can be found in Coventry, Birmingham, the City of London, Golders Green, East Ham, Harrow, Leicester, Manchester, Southall, Ilford, Hounslow and Wolverhampton. The Bank has adopted a high street feel to most of its UK branches, enabling greater access to the bank’s suite of products, such as commercial lending, business accounts, buy to let mortgages, and safe deposit boxes.

SBI UK is Ltd is focussed on serving the professional landlord market, mortgages for Special Purpose Vehicles (SPVs) and Limited companies in particular. There are many buy-to-let mortgage products on offer to SPVs on the market, and SBI UK is the rate leader in the 5 year fixed rate SPV lending.  
The Bank deals with experienced landlords who have large portfolios in SPVs, LLPs and Limited companies, in addition to arranging traditional BTLs. Due to the well-documented changes to taxation that have affected the BTL market, the Bank has seen a significant increase in the number of applications arranged via limited companies and SPVs.  SBI UK Ltd is also very active in property-backed Commercial Lending space. 

We believe one of our main selling-points is our flexible approach to underwriting. This involves listening carefully to brokers’ views and, in turn, regularly reviewing our criteria and products. 
Some of our key criteria points are detailed below. 
  • Min valuation outside of London £60,000. 
  • Min valuation inside London £150,000.
  • Min advance outside London £35,000.
  • Min age is 21 but can be 18 if the second applicant is aged under 65. 
  • Max age the mortgage must be repaid by the applicant’s 80th birthday.  
  • Max advance £3,000,000.
  • Max properties 25 but no limit on the external portfolio size.
  • 6 properties in the same postcode with no restriction on the number of stories in a high-rise block. 
  • Ltd Co / SPV can have up to 4 shareholders.
  • Remortgage valuation fee refunded upon completion. 
For queries or assistance, please contact: 
Dave Hitchmough
Key Account Manager. 
Mobile: 07843 809906