Existing Customers – Product Transfer
If you’re reaching the end of your mortgage deal, or you’ve already rolled onto a standard variable rate (SVR), it’s time to get in touch with our friendly mortgage team. By switching your mortgage to one of our fixed rate deals you could save money and enjoy the certainty of a fixed monthly repayment.
Summary
Product Transfers for existing customers with maturing fixed rates:
Customers with rates maturing in Nov’24 to Jan’25 have already received communication from the Bank and will continue to be offered rates from our existing P/T offers. See rate sheets below:
Please note our level of service is ‘execution only’ if you apply directly with Reliance Bank, which means we can’t advise you on which of our mortgage products is best suited to you.
Customers with fixed rates maturing from Feb’25 to Feb‘28 will not be offered any fixed rates and will, from mid-October, be notified that they have the option of moving onto the Home Mortgage Variable Rate (HMVR) or speaking to an Independent Mortgage Advisor to assess the best solution for their needs and seek an alternative lender.
The Mortgage Operations Team is continuing to work as normal for our existing customers and can be reached by email mortgages@reliancebankltd.com or by calling 020 7398 5422 selecting option 2.
Please note our level of service is ‘execution only’ if you apply directly with Reliance Bank, which means we can’t advise you on which of our mortgage products is best suited to you.
If you’re unsure as to which mortgage is best for you then you may wish to seek independent financial advice before you call. They will provide you with a “Advice & Recommendation” level of service based on your needs and circumstances.
Reliance Bank Limited are a mortgage lender and offer mortgages for properties in England and Wales.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Your mortgage, your choice
- Rates available
- Know exactly what your repayments will be
- Enjoy a lower rate than the SVR
Rates and fees
Product Transfers for existing customers with maturing fixed rates:
Customers with rates maturing in Nov’24 to Jan’25 have already received communication from the Bank and will continue to be offered rates from our existing P/T offers. See rate sheets below:
Existing Customer Standard Mortgage Product Transfer Rate sheet
Existing Shared Ownership Product Transfer Rate sheet
Please note our level of service is ‘execution only’ if you apply directly with Reliance Bank, which means we can’t advise you on which of our mortgage products is best suited to you.
Customers with fixed rates maturing from Feb’25 to Feb‘28 will not be offered any fixed rates and will, from mid-October, be notified that they have the option of moving onto the Home Mortgage Variable Rate (HMVR) or speaking to an Independent Mortgage Advisor to assess the best solution for their needs and seek an alternative lender.
The Mortgage Operations Team is continuing to work as normal for our existing customers and can be reached by email mortgages@reliancebankltd.com or by calling 020 7398 5422 selecting option 2.
Here you can see our current interest rates as well as the other fees and charges you need to consider when switching your mortgage deal.
This is fee free – we do not do a valuation as we use the index linked valuation we hold on the mortgage listing to help determine the LTV. If the customer does not agree with this, they will need to pay for a mortgage valuation – please see Valuation fees shown on Mortgage Support page.
Full list of all supporting Mortgage documents click on the button below:
Calculator
To help you work out how much you can borrow, we’ve provided a handy calculator below. Check how much you could borrow. It'll only take a few minutes.
How much can I borrow?
*The amounts quoted are not a mortgage offer, they are only to give you an indication. You then have the option to make a full application if you choose to. When you complete the full application, we’ll do credit checks and ensure that you meet our lending criteria.
Important Information – All amounts quoted are for illustrative purposes only and all mortgage applications are subject to robust credit and affordability checks and the actual amount we will lend will depend on a credit assessment being made. If you have any ongoing credit commitments these will be taken into account and may affect the amount you will be able to borrow from us.
To obtain an accurate ‘How much I can borrow figure’ please apply for a formal Agreement in Principle by calling our Mortgage department on 020 7398 5421 / 020 7398 5422 / 020 7398 5423 where you can discuss your requirements with one of the bank’s mortgage underwriters. The underwriters operate on a phone rotation system.
This is not a formal quotation or a commitment to lend by Reliance Bank Ltd.
Our useful Mortgage Repayment Calculator can help you with your research into how much your monthly payments might be each month.
You can change the mortgage amount, term or interest rate in the Mortgage Repayment Calculator shown below to see the difference it makes and help you compare mortgage rates.
Mortgage Repayment Calculator
You can use our mortgage calculator to see the impact of either extending or reducing the mortgage term however please take into consideration the following:
Extending your proposed mortgage term will make the monthly payments smaller. However, it will also increase the amount of interest you will have to pay back over the term of the mortgage.
Reducing your proposed mortgage term means that your payments are higher each month. But the overall amount of interest you will have to pay will be less.
Actual loan repayment amounts will be provided to you from the Reliance Bank Ltd Mortgage department in a Mortgage Illustration (known as a European Standard Information Sheet / ESIS). You can formally request an ESIS from the Reliance Bank Mortgage Team via email at mortgages@reliancebankltd.com or call us on 020 7398 5421 or 020 7398 5422 or 020 7398 5423. The underwriters operate on a phone rotation system.
The Mortgage term minimum and maximum limits within the Mortgage Repayment Calculator are based on our lending criteria which is a minimum mortgage term of 3 years and a maximum term for residential mortgages of 40 years. As a lender we only look at whole years for new mortgages and not years & months.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Our mortgages are subject to security and status and a first legal charge will be taken over the property.
Call us on 020 7398 5422 or alternatively email mortgages@reliancebankltd.com to find out more.
Responsible Mortgage Lender
Reliance Bank is committed to being a responsible lender who acts in the best interests of its customers. Please read our commitment to Responsible Mortgage Lending which is attached in the list of Mortgage documents – please click on the “Mortgage documents” button below and select Mortgages:
The switching process
Product Transfers for existing customers with maturing fixed rates:
Customers with rates maturing in Nov’24 to Jan’25 have already received communication from the Bank and will continue to be offered rates from our existing P/T offers. See rate sheets below:
Standard Mortgage Product Transfer Rate Sheet
Shared Ownership Product Transfer Rate Sheet
Please note our level of service is ‘execution only’ if you apply directly with Reliance Bank, which means we can’t advise you on which of our mortgage products is best suited to you.
Customers with fixed rates maturing from Feb’25 to Feb‘28 will not be offered any fixed rates and will, from mid-October, be notified that they have the option of moving onto the Home Mortgage Variable Rate (HMVR) or speaking to an Independent Mortgage Advisor to assess the best solution for their needs and seek an alternative lender.
The Mortgage Operations Team is continuing to work as normal for our existing customers and can be reached by email mortgages@reliancebankltd.com or by calling 020 7398 5422 selecting option 2.
Switching your mortgage is as easy as 1, 2, 3… 4. Here’s what you can expect to happen.
Four months before your current mortgage deal comes to an end, we’ll write to let you know exactly when you’re due to roll onto our standard variable rate (SVR). We’ll also provide you with the mortgage rates available at that time, so you can start thinking about which rate you’d like to switch to.
If you’re already on our SVR, take a look at our current rates for existing customers.
Once you’ve chosen the rate you’d like to switch to, contact our mortgage team. We’ll then issue a European Standard Information Sheet (ESIS) or otherwise known as a Key Facts Illustration (KFI) – This is sometimes called a Mortgage Illustration so you can review the monthly costs.
At the same time we’ll send a formal Mortgage Offer. We will need to have a signed acceptance to ensure that the customer understands the Terms and Conditions.
If you’re happy with everything, sign and return the form to us.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
FAQs
Product Transfers for existing customers with maturing fixed rates:
Customers with rates maturing in Nov’24 to Jan’25 have already received communication from the Bank and will continue to be offered rates from our existing P/T offers. See rate sheets below:
Standard Mortgage Product Transfer Rate Sheet
Shared Ownership Product Transfer Rate Sheet
Please note our level of service is ‘execution only’ if you apply directly with Reliance Bank, which means we can’t advise you on which of our mortgage products is best suited to you.
Customers with fixed rates maturing from Feb’25 to Feb‘28 will not be offered any fixed rates and will, from mid-October, be notified that they have the option of moving onto the Home Mortgage Variable Rate (HMVR) or speaking to an Independent Mortgage Advisor to assess the best solution for their needs and seek an alternative lender.
The Mortgage Operations Team is continuing to work as normal for our existing customers and can be reached by email mortgages@reliancebankltd.com or by calling 020 7398 5422 selecting option 2.
A standard variable rate (SVR) is the default mortgage rate that applies when you come to the end of a fixed rate or tracker mortgage deal. It is a variable rate, which means it can go up and down. There is no time limit attached to an SVR mortgage and no early repayment charges if you repay some or all of your mortgage.
Yes. There’s no lock-in period with an SVR, so you’re free to move to a better rate whenever you like. As a Reliance Bank customer, there’s also no product fee to pay when you switch to one of our mortgage deals.
Switch
Product Transfers for existing customers with maturing fixed rates:
Customers with rates maturing in Nov’24 to Jan’25 have already received communication from the Bank and will continue to be offered rates from our existing P/T offers. See rate sheets below:
Standard Mortgage Product Transfer Rate Sheet
Shared Ownership Product Transfer Rate Sheet
Please note our level of service is ‘execution only’ if you apply directly with Reliance Bank, which means we can’t advise you on which of our mortgage products is best suited to you.
Customers with fixed rates maturing from Feb’25 to Feb‘28 will not be offered any fixed rates and will, from mid-October, be notified that they have the option of moving onto the Home Mortgage Variable Rate (HMVR) or speaking to an Independent Mortgage Advisor to assess the best solution for their needs and seek an alternative lender.
The Mortgage Operations Team is continuing to work as normal for our existing customers and can be reached by email mortgages@reliancebankltd.com or by calling 020 7398 5422 selecting option 2.
Please note our level of service is ‘execution only’ which means we can’t advise you on which of our mortgage products is best suited to you. If you’re unsure as to which mortgage is best for you then you may wish to seek independent financial advice before you call. They will provide you with a “Advice & Recommendation” level of service based on your needs and circumstances.
Note that we currently do not offer rate changes (known as Product Transfers/ PTs) via the intermediary Channel.
Chosen your mortgage? Let’s get the ball rolling…
If you’ve chosen the mortgage you want to switch to, call us to request a Mortgage Illustration. You can either give us a call on 0207 398 5422 or apply by phone although we will still require the completion of an application form that we will send to you.
Or you can email us on mortgages@reliancebankltd.com to get the ball rolling.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.
We are proud to be the bank of The Salvation Army International. Find out more about our shared history.