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Lending criteria – residential

Service Level Agreements

• AIP Turnaround time: Available immediately once an affordability assessment has been conducted on the phone.
• Full Mortgage Application to Formal Mortgage Offer turnaround time: 14 days from date of FMA (Full Mortgage Application)
Rates are Only Secured when your application reaches Full Mortgage Application (FMA) Stage.

Use our A to Z tool below for details of our residential lending criteria – click on the “A – C” or “D – K” etc to view the criteria headings.

Use our A to Z tool below for details of our residential lending criteria

A-C D-K L-N O-Q R-Z

Please refer to lender.

75% used for affordability.

The Bank does not have an Affordability calculator for Intermediaries – please contact lender:

  • Up to 60% – 5 X Sole-5 x joint.
  • 60% – 75% – 4.75 X Sole-4.50 x joint.
  • 75% – 95% – 4.5 X Sole-4 x joint.

Key Worker Applications

  • Up to 60% – 5 X Sole-5 x joint.
  • 60 to 75% – 5 X Sole-4.75 x joint.
  • 75% – 90% – 4.75 X Sole-4.50 x joint.
  • 90% – 95% – 4.5 X Sole-4.25 x joint.

Bank considers Right to Buy, Right to Acquire (95% of discounted Purchase price for both but cannot exceed 90% of market value) and Shared Ownership (up to 95% of the share).

MINIMUM AGE: 18 years old.
MAXIMUM AGE:
-66 next birthday if applying for a 2yr fixed rate.
-64 next birthday if applying for a 5yr fixed rate
If mortgage is in JOINT NAMES, maximum term is determined by age next birthday of eldest applicant.

70
*75 if using pension income only.

Applications will be considered provided that:

  • The applicant has 2 years’ continuous service in the same type of contracting employment.
  • The applicant has a current continuous contracting employment of 12 months or more with 6 months of the contract remaining.

IT and Construction Industry Scheme contractors must be treated as self-employed.
The Bank does not take into consideration any income from a zero-hour contract.

Farms or property with land that is subject to commercial agricultural use, commercial property and timeshare are not acceptable.

Short term rental, such as Air B&B or similar, are not permitted.

Must be occupied by family and is subject to Valuers comments.

Will be treated as sole applicant for affordability.

Please refer to lender.

Providing maximum LTV for the product is not exceeded.

Customers will be declined if either of the following is applicable:

  • One month or more late with mortgage payment greater than £100 in the last 6 months; or
  • Two months or more late with payments on other individual debts identified via the credit search in the last 6 months.

Applications which involve assignable contracts are not acceptable.

60% used for affordability.

Property must be owned for 6 months.

If any applicant has been in a state of bankruptcy or still has an outstanding bankruptcy restriction order against them, within the last 6 years, applications will be declined.

Latest 3 months statements required – must show salary credits, general expenditures/utilities and mortgage/rent.

Refer to lender.

Refer to lender.

Not acceptable.

75% used for affordability – excluding housing element of Universal Credit.

Refer to lender.

60% of latest 2 year average.

Bank does not consider Bridging Loans.

All applicants must be residing in UK at time of application.

Bank do not allow the Broker fee to be added to the loan.

Cash deposits and cashbacks not accepted. For other incentives, please refer to lender.

60% used for affordability.

Bank does not consider BTL mortgages.

60% of flight allowance used for affordability.

Capital raising is allowed as follows:

  • 85% on standard applications.
  • 90% on Key Worker applications.
  • 95% on Shared Ownership cases but limited to 90% if there is any element of debt consolidation.

100% used for affordability.

Only required if the Bank’s electronic verification is not satisfactory.

Refer to lender.

Factored into affordability.

Factored into affordability.

Please contact our Commercial Team.

60% of latest 3 month average used for affordability.

The Bank does not lend on Commonhold properties.

If there is a history of missed payments or defaults on mobile phone contracts, please refer to the Bank.

Not acceptable.

Consent to let can be considered 6 months from date of completion.
All cases must be referred and will be reviewed on a case by case basis. A fee is applicable. Amount available on request.

The Bank does not offer Consumer Buy to Let.

Applications will be considered provided that:

  • The applicant has 2 years’ continuous service in the same type of contracting employment.
  • The applicant has a current continuous contracting employment of 12 months or more with 6 months of the contract remaining.

IT and Construction Industry Scheme contractors must be treated as self-employed.
The Bank does not take into consideration any income from a zero-hour contract.

Subject to valuer’s comments.

Cases will be declined in the following circumstances:

  • Outstanding CCJ Greater than £100 in the last 6 years.

All CCJs in the last 6 years must be disclosed.

3% of balance factored into affordability unless this is to be repaid.

Will be ignored. Special condition will be added for these to be repaid prior to exchange of contracts OR within 30 days of completion if debt consolidation.

Not credit scored – credit search only.

Bank does not lend on Custom Build properties.

The Salvation Army

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.

Reliance Bank Limited,
Faith House,
23 - 24 Lovat Lane,
London,
EC3R 8EB

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