How the State Bank of India is helping clients remortgage

Posted on February 7, 2023

When a client came to us to remortgage a buy-to-let property portfolio we were able to help out with his State Bank of India transaction.

State Bank of India mortgages

Our client has a multi-million pound property portfolio and was looking to move his business due to soaring mortgage rates. He was working with the State Bank of India UK (SBI) on this deal as they offered preferential rates and so as panel members we were able to assist and the job went through smoothly.

“We are registered with the panels of most mainstream lenders and find that is extremely beneficial to our clients and saves a lot of time and effort on their part,” said Pearson Property Solicitor Michelle Ong

“And if we are not on a particular panel and it’s in the client’s best interest then we are more than happy to apply to become a member in order to continue to represent our client.”

“That means we can act for both the client and their perferred lender in the majority of remortgage transactions,” she added.

State Bank of India conveyancing panel

The State Bank of India is well known for its stringent procedures and requirements and it’s not easy to be accepted as a panel member due to their thoroughness and diligence. The fact that the Pearson Solicitors property team was able to sign off a property to suit their requirements was of great benefit to our client.

At the same time the Pearson Solicitors property department got a vote of confidence from the Bank of India.

“It was great to get some very good feedback from them and I was thrilled to get on email from them stating: ‘Just some positive feedback, I will certainly share with our other business development managers how excellent your service was for our clients with the application for X’, Kind Regards, Adel Shirin, Relationship Officer, State Bank of India. That certainly made my day,” said Michelle.

At this time of year and especially given the current economic climate some clients are coming to us to look at remortgaging. At Pearson, we have excellent working relationships with a number of mortgage brokers and can advise and act accordingly.

Why would you remortgage

The many reasons clients come to us to remortgage are:

To obtain a better rate of interest or other benefits such as offsetting interest in a current or savings account.
To consolidate debts and re-pay any other secured or unsecured debt.
To fund home improvements.

While the concept of remortgaging is simple, the legalities can be complex, especially dealing with properties that may have long-standing covenants and so it’s always better to let property experts check all the risk factors and advise. If there are restrictions and any other loans against the property there are a number of other legal steps to be sorted out before the remortgage can go ahead.

“The start of 2023 has been a busy time for us with a lot of clients returning for their next house move, or investor clients making some significant moves in the buy to let market,” added Michelle.

“Its always nice to see repeat clients as it’s a sign of a job well done in the first instance, with a team of 10 to look after client’s property needs there is always someone to help and between us our experience is vast.”

How can we help

Our residential conveyancing solicitors are here to help with all your property questions. Contact us on 0161 785 3500 or email enquiries@pearsonlegal.co.uk. Alternatively, we can provide you with a Free Online Instant Remortgage Quote that’s fully inclusive of all costs.

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.