State Bank of India (SBI) UK has launched a new range of BTL fixed-rates for standard and specialist products today (20th September 2023).
The new options as part of the suite, which are available at 70% LTV, have an arrangement fee of 5% which can be added or deducted from the loan amount.
The range includes two-year standard and specialist products, with rates starting from 3.9% and 4.7%, respectively.
Meanwhile, the five-year fixes are priced from 5.2% for standard rates, and 5.35% for specialist rates.
Properties with an EPC rating of C or above will receive a rate discount of 10 bps.
Borrowers opting for a remortgage product will receive a refund of valuation and £300 cashback on completion.
Nicholas Mendes, mortgage technical manager at John Charcol, commented: “No other lender has broken the 4.5% barrier, let alone 4%.
“Despite the 5% arrangement fee, this is by and large in line with competitors which are sitting at the top of the best buys — although their fixed rates are nearly 1% more compared to SBI’s new rate announcement.”
