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Mortgages

Mortgages

If you are looking to discuss any residential mortgage related matters, please contact the mortgage department via email: mortgages@reliancebankltd.com or please call 020 7398 5421 or 020 7398 5423 or 020 7398 5422.

Visit the Support page and click on Mortgages if you are looking for our list of current mortgage products and rates
OUR MORTGAGE PRODUCTS ARE SUBJECT TO WITHDRAWAL AT ANYTIME WITHOUT PRIOR NOTICE

Mortgages

We all know that buying a home can be stressful as there is so much involved ... estate agents… solicitors...surveys...mortgages... 

Reliance Bank is proud that our mortgage range supports our social impact focus, particularly through our Key Worker & Shared Ownership Mortgage product ranges, which enable individuals & families to get onto the housing ladder and call their house a home.

Reliance Bank will provide information only so that you can make a decision based on your individual needs and circumstances. We do not provide advice on mortgages and are only able to discuss the mortgage products offered by Reliance Bank and not the whole of the mortgage market, so if you apply to us directly our level of service is execution-only. We do provide a personal service and help manage you through each step of your mortgage journey from application to completion. Interested?

Please select the option below that best describes your circumstances:

  • Shared Ownership Mortgages
  • First Time Buyer 
  • House Purchase (Full ownership) this includes all First Time Buyers
  • Remortgaging and Mortgage Free
  • Key Worker Mortgage Products - See our list of qualifying keyworker occupations on the Mortgage Support page 
  • Existing Customers (Rate Change / Further Advance)
  • Key Worker Mortgages product range
  • House Purchase Mortgage product range
  • Remortgage and Mortgage Free product range
  • Shared Ownership Mortgage product range
  • Existing Customers products include:
  • Further Advance Mortgage product range
  • Rate Change (retentions) Mortgage product range
  • Shared Ownership Mortgage rate change (retentions) product range

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?

Number of applicants
£

*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

Approximate monthly payment £

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 5421 or 020 7398 5423 or 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:

Mortgage documents

Summary

Reliance Bank are proud to support Shared Ownership Mortgages. These mortgages help people who would normally be unable to get on the housing ladder, to buy a share of their new home with the support of a housing association.

We lend up to 95% of the share (subject to product availability) and take a first legal charge over the property.

Please note that for all Shared Ownership Mortgage applications, please review our dedicated Shared Ownership product range shown on the Mortgage Support page

An example of a case we have done recently is a new build house in Hertfordshire
Full Market value of the property - £250,000
Client looking to buy a 60% share of the property = £156,000
RBL Mortgage required (95% of the share) = £148,200
Personal deposit from client / client's family = £7,800
Housing association paying the remaining share = £94,000
 

Shared Ownership Case Study

A customer was recently able to buy their first home in Manchester on a Shared Ownership Mortgage provided by Reliance Bank, with the support of a local housing association.

Our customer said: "I would like to thank Reliance Bank for the huge difference they’ve made to my little family unit I am truly gratified and would recommend Reliance Bank to everyone I meet."

Click on the following link to read the full article:
https://www.reliancebankltd.com/now-i-have-beautiful-home-i-always-drea…
 

To find out more call us on 020 7398 5421 or 020 7398 5423 or 020 7398 5422  email mortgages@reliancebankltd.com

 

Reliance Bank Key Worker Mortgage Product Range

Reliance Bank are proud to launch a Key Worker Mortgage Product range to support home ownership amongst a number of essential key worker occupations within the UK. Along with our Shared Ownership Mortgage Product range, this shows our continued commitment to supporting financial inclusion within society.

We want to support Key Workers who are looking to purchase or remortgage their own home and for that reason we have launched our Key Worker Mortgage Product range. 

Our Keyworker Product Range can assist Keyworkers with mortgage finance up to 95% loan to value (subject to product availability) 
Please remember, an Agreement In Principle (AIP) does not secure a formal mortgage offer.

The mortgage rate is only secured once the mortgage application has progressed to Full Mortgage Application (FMA), however the mortgage is only approved once we have received a satisfactory valuation and the mortgage team issue the Full Mortgage Offer to the customer, Independent Financial Adviser and broker (& mortgage broker if one is being used) & Solicitor.

In order to qualify for a Reliance Bank Key Worker Mortgage Product at least one mortgage applicant must currently be employed in one of the qualifying occupations listed below:

  • Salvation Army Employees
  • Police officers – including PCSO officers
  • NHS workers – including dentists 
  • Care professionals 
  • Fire fighters
  • Prison officers
  • Teachers
  • Charity workers
  • TFL & Other transport workers – This category would include those who are employed by other public transport organisations that cater for Bus / Train / Tram transportation networks
  • Postal services – This is excluding couriers 

Please review our Key Worker Mortgage product range, via the Mortgage Support page for further details regarding interest rates and other key product information.

To find out more call us on 020 7398 5421 or 020 7398 5423 or 020 7398 5422 or email mortgages@reliancebankltd.com

First Time Buyer Mortgages

A first time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence.

Reliance Bank are proud to continue to support helping first time buyers realise the dream of owning their 1st home.

We lend up to 95% loan to value, subject to product availability and take a first legal charge over the property. 

Can I apply for a First Time Buyer mortgage? Please see our First Time Buyer guide in our Mortgage Support page.

Call us on 020 7398 5421 or 020 7398 5423 or 020 7398 5422 or alternatively email Mortgages@reliancebankltd.com to find out more.

If you are looking to buy your home outright without the need for a Shared Ownership Scheme, please view our House Purchase product range.

If you are looking to own your home through the assistance of a housing association, please see our Shared Ownership Mortgage product range for further information.

House Purchase

If you are looking to move or get back onto the housing ladder, we have a number of mortgage products available for you to choose from to help you achieve home ownership. Reliance Bank are able to lend up to 95% loan to value against the purchase price of your new home (subject to product availability and the property being suitable security)

If you are not in the position to buy your new home outright, you can also consider the option of buying a Shared Ownership property, we are delighted to make these available with as little as 10% deposit. For further information about our Shared Ownership Mortgage product range please visit the Shared Ownership Mortgages page on this website.
 

Please refer to the following documents in the Support page:
- Guide to buying your home
- House Purchase rates
- Basic valuation guide
- Homebuyer report guide
 
Call us on 020 7398 5421 or 020 7398 5423 or 020 7398 5422 or alternatively email Mortgages@reliancebankltd.com.

 

Remortgage and Mortgage Free

Remortgage - Move your mortgage without moving home

If you are considering switching your mortgage you may find that you could save money by remortgaging with us.

Reliance Bank allow you to remortgage from your current mortgage provider to ourselves.

We currently allow remortgages up to 75% loan to value against your home.

Reliance Bank are currently offering a free basic mortgage valuation for properties up to £750,000 and we are also pleased to introduce a £500 cash back for remortgage applications which meet our qualifying minimum loan amount of £200,000. This cash back will be paid to you within 60 days from the date the mortgage completes

.
Please be aware, that for any remortgage applications where you are requiring to increase your mortgage borrowing to repay other unsecured debts cannot come to us directly and therefore you would need to apply via an independent financial adviser due to us being unable to provide mortgage advice.

We are happy to assist you if you are needing to raise additional funds for a number of reasons for example to help pay for home improvements.

Please see our Remortgage and Mortgage Free rate table and Reliance Bank Mortgage Terms and Conditions.

Call us on 020 7398 5421 or 020 7398 5423 or 020 7398 5422 or alternatively email us at Mortgages@reliancebankltd.com.
 
Mortgage free property - Looking to raise a mortgage on your mortgage free home
 
If you are considering raising money on your mortgage free home you may find that you could save money by doing that with us.

Reliance Bank allow you to borrow money against your mortgage free home. We currently allow mortgage free applications up to 75% loan to value against your home.

Reliance Bank are currently offering a free basic mortgage valuation for properties up to £750,000 and we are also pleased to introduce a £500 cash back for remortgage applications which meet our qualifying minimum loan amount of £200,000. This cash back will be paid to you within 60 days from the date the mortgage completes.

Please be aware, that for any applications on a mortgage free property that are being used to repay other unsecured debts cannot come to us directly and therefore you would need to apply via an independent financial adviser due to us being unable to provide mortgage advice.

We are happy to assist you if you are needing to raise additional funds for a number of reasons for example to help pay for home improvements.
 
Please see our Remortgage and Mortgage Free rate table and Reliance Bank Mortgage Terms and Conditions.

Call us on 020 7398 5421 or 020 7398 5423 or 020 7398 5422 or alternatively email us at Mortgages@reliancebankltd.com.

Existing Customer Further Advance

If you already have a Reliance Bank mortgage and are needing to raise some additional money to help carry out some home improvements for example we have a range of mortgage products which can suit your circumstances. For a further advance we do not require a solicitor to carry out any conveyancing as you are already a customer of ours.
 
We are able to lend up to 75% of the value of your home for a further advance.
 
As Reliance Bank does not offer mortgage advice we are unable to assist you directly if you are looking to raise money for debt consolidation. In these circumstances we would ask that you speak to an independent financial adviser who will be able assist you with this request and will be able to submit a further advance application to us on your behalf.
 
If one of our rates interests you, call us on 020 7398 5421 or 020 7398 5423 or 020 7398 5422 or email us at Mortgages@reliancebankltd.com.

 

Existing Customer Rate Change

The great news is, if you are an existing Reliance Bank mortgage customer all our mortgage products are portable.

This means that if decide to move during your current mortgage term, we can transfer the outstanding balance at your original rate to your new home. We can also review the mortgage term should you wish at the same time as your rate change. Please note,as with any new mortgage application, the bank will need to carry out an assessment of your circumstances to ascertain how much you are able to borrow as porting allows you to transfer your current mortgage rate but the amount would be subject to our standard mortgage application process.

If you are looking to borrow more on your mortgage, then you would need to refer to the Further Advance product range for the corresponding rate of interest that would apply to any new money you wish to take out.

If you are looking to move home please contact us and we will discuss your requirements in more detail.

Call us on 020 7398 5421 or 020 7398 5423 or 020 7398 5422 or alternatively email Mortgages@reliancebankltd.com to find out more.

 

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