Less than what you may think...'the stress-free approach'

At Reliance we are committed to making sure the mortgage process is as straightforward and hassle free as possible. We will arrange for a standard valuation as soon as we receive your signed mortgage acceptance. We can even help you find a solicitor if you don't already have one.

Valuation

We will arrange for a standard mortgage valuation of your property, and we will contribute up to £250 of the cost of this survey.

There are many types of survey depending on the structure, age and general upkeep of a property and the survey we instruct is a general survey of the value against the purchase of the property. This is for mortgage purposes only, to ensure we lend against the value of your home in the current housing climate. House prices can change and vary with time, and we can only assess this valuation at the time of your mortgage application being accepted

If you are aware that your property is over the age of 75 years, or even more, or is a listed building, you may wish to opt for a more extensive and structural survey. For some properties in need of renovation, again, you may wish to extend the standard survey to be more extensive.

Let us know before we arrange the survey, as it could save on the additional costs which you will need to pay. If you require advice speak to your estate agents or a local surveying firm.

Insuring your home and its contents

Adequate buildings insurance is a condition of all our mortgages and should be arranged to commence as soon as contracts are exchanged. This covers your home for rebuilding costs, and should include cover for all major hazards. We require that the Bank’s interest be registered on the policy.

If you wish to take insurance cover for your personal possessions inside your home, and also items stored outside in sheds or garages, you will need to take out a home contents policy with or without accidental damage. To review such insurance policies and choose the right sort of cover, you may wish to seek advice directly from an insurance company or visit a web site such as www.money.supermarket.com 

Payment for these policies can usually be taken in one payment or split over the year in monthly instalments by direct debit. Be careful as some companies do charge an additional amount if you pay monthly, so always read the terms and conditions.

Protecting you and your family

Life Assurance
It is important for you to consider having adequate life assurance to repay your borrowing should you die. This will ease the financial burden of mortgage repayments for your family at what would be a distressing time.

Critical Illness Cover
You should also consider critical illness cover to repay your mortgage in the event of you suffering a life-threatening illness such as heart disease or cancer.
 

Mortgage Promise

If we give you a mortgage offer, it will be subject to:

• A satisfactory valuation or assessment of the suitability of the property to be mortgaged
• The information you have supplied to us being correct

Additional information to consider:

Early repayment charges and fees

For the Home Mortgage rate product, in the event of the mortgage being repaid, in full within the first 12 months an early repayment charge of £500 is applied.

However, after the first year you then have the option of making an overpayment of up to 10% per annum of your outstanding mortgage balance; minimum partial repayments are £1,000. An administration fee of £25 will be charged per partial repayment.

For our 2 year Fixed Rate Mortgage, partial repayments of capital are not permitted during the Fixed rate period. In the event of the Fixed Rate Mortgage being repaid, in full or in part, during the Fixed Rate period, an early repayment charge of 1% of the initial loan amount applies.

For our Tracker Mortgages, the following terms apply;

• If you choose to repay your mortgage in full within the first year.
• Each year you have the option of making an overpayment up to 10% of your outstanding mortgage balance; minimum partial repayments are £1,000. An administration fee of £25 will be charged per partial repayment.

Legal Costs

You will need to employ the services of a solicitor or conveyancer to take care of the legal aspects of buying your home. The charges involved are normally at least £300.

Deposit

You will have to provide a deposit (usually up to 10%) of the purchase price of the property when you exchange contracts.

Stamp Duty

This is a tiered government tax based on the purchase price of the property and is set by the government.

IMPORTANT INFORMATION

Our mortgages are subject to security and status. A legal charge will be taken over the property and we may also require to hold life policy documents.