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State Bank of India (UK) Ltd - Support for Buy-to-Let Customers during the Covid-19 Crisis

State Bank of India (UK) Ltd is committed to supporting our customers through the difficulties they may be facing as a result of the Covid-19 pandemic.

If, as a result of Covid-19, you are unable to meet your buy-to-let mortgage obligations, we may be able to offer a 3 month payment holiday to support you during this uncertain period.


What is a ‘payment holiday’ ?

A ‘payment holiday’ is a process whereby you agree with us that you will not have to make mortgage payments for a set amount of time due to your financial difficulties. In this case, it relates to your buyto-let mortgage and arises from Covid-19. Kindly note taking a payment holiday will not adversely impact your credit rating.

It is important to remember that you still owe the amounts that you don't pay as a result of the payment holiday. Interest will therefore continue to be charged on the amount you owe. This means that, at the end of the payment holiday, you will have to make up the missed payments. There will be various options for doing this, for example by increasing your monthly payments slightly, or by adding a short extension to your term. When you discuss this with us, we will advise you of the options most appropriate for your circumstances and agree with you the preferred option.

Please note that a payment holiday may mean that the total amount you pay over the lifetime of the mortgage could increase.


Who can apply for a payment holiday ?

You may apply for a payment holiday in relation to your buy-to-let mortgage where you are experiencing or reasonably expect to experience payment difficulties arising from Covid-19 (e.g. if your tenants are unable to pay their rent due the outbreak). This applies even in cases where you were already behind on your payments before the outbreak.


What is the application process ?

If you feel that you meet the requirements set out above, please contact us at 0344 967 1860 to discuss potential options to determine the best course of action for your particular circumstances.

You may apply for a payment holiday at any time before 20 June 2020 and you will need the consent of all mortgage applicants. The term of the payment holiday period does not start until your payment holiday application has been approved by us.


How long will the payment holiday last ?

You will be able to apply for a payment holiday of 3 months, unless it is appropriate to put in place an option other than a 3 month payment holiday in the individual circumstances of your case and we reasonably consider it as being in your best interests.


Get in touch

If you require any assistance with the above, please call us at 0344 967 1860 or email us at