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Existing Customers – Further Advance

Looking to borrow money for a big event or home improvement project? If you have equity in your home, you can release some of that value by increasing your mortgage – this is what is known as a further advance. The good news is, as you already have a mortgage with us, the process is nice and straightforward. And you get to choose from our best available rates.

Summary

Click the link below to see our:

Existing customers – Further Advance Mortgage Rate

Looking to borrow money for a big event or home improvement project? If you have equity in your home, you can release some of that value by increasing your mortgage – this is what is known as a further advance. The good news is, as you already have a mortgage with us, the process is nice and straightforward. And you get to choose from our best available rates.

  • Available on Loan amounts starting from £10,000 upto £500,000
  • Available on properties valued from £60,000
  • 5 year fixed rates available
  • Borrow up to 75% of the property’s value
  • 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.

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

 

An easy way to borrow

  • Faster application process
  • No conveyancing required
  • Flexible repayment terms

Calculators

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:

Mortgage documents

 

Rates and fees

When you’re planning to borrow extra money, make sure you factor in all the costs that go with it.

Click on the Mortgage documents button below and select Mortgages to see our current interest rates as well as other mortgage fees.

Mortgage documents

 

The mortgage process

Here’s what you can expect to happen when you take out a further advance with 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 5423 / 020 7398 5422 where you can discuss your requirements with one of the bank’s mortgage underwriters. The underwriters operate on a phone rotation system.

Once we have completed some initial checks, we will provide you with an shopping around KFI / ESIS and an Agreement in Principle.
The Key Facts Illustration (KFI) / European Standard Information Sheet (ESIS) – otherwise known as an illustration details the costs of the mortgage product you have chosen.
The Agreement in Principle (AIP) is a letter informing you, in principle, how much we could lend you. An AIP is valid for 4 months from date of issue by Reliance Bank. This Agreement in Principle will be subject to:
● An assessment of affordability – whether we believe you’ll be able to afford your monthly repayments
● Checking that the information you have supplied to us is correct
● A satisfactory valuation or assessment of the property to ensure it’s suitable to be mortgaged

If you’re happy with our Illustration and Agreement in Principle, let us know that you accept them and we can proceed with your mortgage application. All cases are subject to satisfactory mortgage valuation of the proposed property.

Because we already have your property as mortgage security, we may not need to carry out a re inspection as we can look to see if we can use our index linked valuation we hold on file, this will depend on the individual circumstances, such as ;

  • how much you are looking to borrow?
  • what is the overall LTV based on the total Reliance Bank Ltd borrowing?
  • how much you think your home is worth?

If we do need a new physical inspection, this cost is met by the customer. As soon as we’ve received your acceptance to proceed with your mortgage application, we will arrange the valuation.

Once we have had a satisfactory valuation of the property (if we do require a formal reinspection), we will conduct a final review of the file to ensure that all the requirements that were outlined in the agreement in principle have been met and satisfied. Once this review has been completed and we are happy, we will provide you with a formal mortgage offer, which is valid for a period of 6 months form the date of issue.

When you are ready to have the funds, you will need to sign and return the formal mortgage offer acceptance page to the mortgage department. We do require 3 working days notice for when you do require the funds. We will transfer the funds into your nominated bank account.

Reliance Bank will send you a 1st payment letter, confirming the amount and date of your first monthly mortgage payment, together with confirmation of the subsequent monthly mortgage payments for the duration of your mortgage product and which day of month these will be collected from your nominated Bank account, in line with your instructions when you made the application
Time to get started on those big plans!

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

 

FAQs

A further advance is where you look to borrow additional funds from your mortgage lender via a secured loan against your property which the lender holds as security.
The reasons to apply for a further advance vary from person to person. Here are some of the most common motivators:
– to release equity from your home to pay for a big expenditure item, e.g. home improvements, a wedding

The amount you can borrow depends on your individual circumstances. We base our lending decisions on household income, but also outgoings, to make sure the mortgage is affordable for you. The last thing we want is to put you at risk by lending more than you can afford to repay.

We will also consider the size of the loan in relation to the value of your property (what we call the Loan to Value, or LTV). The lower the LTV, the higher the income multiple we will consider.

Here’s a guide to what we might be able to lend you, based on your LTV and household income:

LTVOne applicantTwo applicants
Up to 60%5 x sole income5 x joint income
60% to 75%4.75 x sole income4.50 x joint income
75%4.50 x sole income4 x joint income

 

Apply

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

Chosen a mortgage? Let’s get the ball rolling…

If you’re happy with your choice of mortgage then 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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