On a day before the proposed completion date, your solicitor/conveyancer will make a request to our mortgage department to send the money for your new property to your solicitor, who will then complete on the purchase and use the sales proceeds from the sale of your existing property to repay and close off the current mortgage on the old property. If there is any surplus funds after the proceeds have been used to repay Reliance Bank for the original mortgage, these will be either utilized as part of the deposit for the NEW property. OR they will be transferred back to the customer.
Congratulations, you have now successfully completed and can now move into your new Home.
All done! This is the day you get the keys and can walk into your very own home for the first time.
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.
So, what happens If you are selling but not buying straightaway (AKA a non-simultaneous sale and purchase):
Steps 1 to step 8 are the same as above, where we would be able to provide formal confirmation of the new borrowing, the formal mortgage offer is valid for a period of 6 months from date of issue.
If you have to go into rented accommodation for a period of time in between the sale and purchase, the sale of the current property would proceed as normal, where the solicitor/conveyancer would ask for a redemption statement and we would state to the solicitor that we would require the Early repayment Charge to be repaid to use as part of the redemption. We will provide confirmation to the solicitor and the customer that if they are able to complete within 12 months from the date of redemption, that we would be able to refund the Early Repayment Charge.