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Existing Customers – Choose A Better Rate

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

Click the link below to see our:

Existing customers – Choose A Better Rate Mortgage Rates

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.

  • 2 year and 5 year fixed rates available
  • No product fee to pay
  • Available on borrowing up to 90% of your property’s value
  • Tiered rates depending on Loan to Value: the lower your LTV, the lower the rate
  • UK Customer Experience Team

Click on the Mortgage documents button below and select Mortgages to see our interest rates for existing customers:

Mortgage documents

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

Note that we currently do not offer rate changes (known as Product Transfers/ PTs) via the intermediary Channel.

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

  • 2 Year or 5 Year Fixed Rate Mortgage
  • Know exactly what your repayments will be
  • Enjoy a lower rate than the SVR

Rates and fees

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.

Click on the below for the following items:

Full list of all supporting Mortgage documents click on the button below:

Mortgage documents

 

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?

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*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

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Years
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 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:

Mortgage documents

 

The switching process

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.

Once we have your signed Mortgage Offer in hand, we will action your request to switch your mortgage product on the date that your current deal expires, or with immediate effect if you’re already on an SVR. We will then write to confirm what your new monthly payments will be. Simple as that!

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.

 

FAQs

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.

While you’re on a fixed rate mortgage deal, you can make overpayments of up to 10% of your outstanding mortgage balance each calendar year as of the1st January without penalty. However, if you pay off more than 10% in a single year then you will have to pay an Early Repayment Charge (ERC). The ERC is calculated as a percentage of your mortgage balance. The percentage due reduces as you go through your fixed rate period. Please refer to the Mortgage Terms and Conditions for Full Mortgage Offer details.

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

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 5421, 0207 398 5422 or 0207 398 5423 and 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.

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

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