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Existing Customers – Moving Home

Whether you’re upsizing or downsizing, you need the mortgage to match.

Porting is allowing you to move your mortgage rate only from one home to another – note that we would still need to carry out an affordability assessment to ensure that the new mortgage is indeed affordable. This is covered in the ESIS and Full Mortgage Offer documents we issue. But Porting does not mean you are guaranteed the mortgage you currently have as we take into account your circumstances at time of application (ie income / expenditure / credit conduct )

If you already have a mortgage with us, ‘porting’ it to your new home means you can keep your current mortgage deal and avoid Early Repayment Charges. And if you need to borrow more, you can choose from our range of competitive House Purchase mortgage range rates.

Summary

Click the link below to see our:

Existing customers – moving home Mortgage Rates

Whether you’re upsizing or downsizing, you need the mortgage to match.

Porting is allowing you to move your mortgage rate only from one home to another – note that we would still need to carry out an affordability assessment to ensure that the new mortgage is indeed affordable. This is covered in the ESIS and Full Mortgage Offer documents we issue. But Porting does not mean you are guaranteed the mortgage you currently have as we take into account your circumstances at time of application (ie income / expenditure / credit conduct )

If you already have a mortgage with us, ‘porting’ it to your new home means you can keep your current mortgage deal and avoid Early Repayment Charges. And if you need to borrow more, you can choose from our range of competitive House Purchase mortgage Range rates.

  • Available on Loan amounts starting from £50,000 to £1 million
  • Available on properties valued from £60,000
  • Borrow up to 75% of the property’s value unless you qualify as one of our Key Worker Occupations and therefore can utilize the Key Worker Mortgage product range where the LTV limit is 95% (Please refer to Key Worker page for further information)
  • 2 year and 5 year fixed rates available on new borrowing
  • UK Customer Experience Team

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

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

 

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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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 020 7398 5422 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

 

Rates and fees

When you’re budgeting to move house, remember there will be fees and moving costs to factor in, as well as the interest rate on the mortgage itself. Make sure you plan carefully so you have enough funds to cover everything.

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

Mortgage documents

The joy of no Early Repayment Charges

Normally if you redeem a mortgage before the end of a deal or incentive period you have to pay an Early Repayment Charge (ERC). But when you port a mortgage with the same lender to another property, you either won’t have to pay it at all (if the sale and purchase happen at the same time) or we’ll refund the ERC to you (if you complete on the house purchase within 12 months of redeeming the old mortgage).

Choose when to pay your mortgage arrangement fee

If your mortgage has an arrangement fee, you have a choice of ways to pay it. You can either pay it up front when you submit your full mortgage application. Or you can ask us to add the fee to the mortgage loan amount. This second option can help with the impact of initial set-up and moving costs, but please bear in mind that you will pay interest on the fee amount over the term of the mortgage loan.

What about stamp duty?

Stamp duty is a tiered tax based on the purchase price of the property you’re buying, and is set by the government. Your solicitor or conveyancer will advise you of the correct amount you’ll have to pay, if any. In the meantime, you can get an idea of your potential stamp duty bill using HMRC’s Stamp Duty Land Tax calculator.

 

The porting process

As porting a mortgage is effectively taking out a new mortgage, the process is broadly similar to any mortgage application. Here’s what you can expect to happen

Give our mortgage team a call on 020 7398 5421, 020 7398 5422 or 020 7398 5423 and we’ll confirm whether or not you can port your current mortgage. We’ll also let you know if there’s an early repayment charge (ERC) to pay. You would only have to pay this if you don’t buy and sell at the same time. As long as there’s a gap of less than 12 months between the sale and purchase of properties, the ERC can be refunded.

Please note, your financial adviser can request this information on your behalf, but in order for us to share your mortgage details with them you will need to send us your written consent before they call.

Even though you already have a mortgage with us, we still need to check that your ported mortgage and any additional borrowing will be affordable for you. We’ll go through some standard questions – about the property you want to buy, if you need additional borrowing and about any deposit you need to put down, as well as your current financial circumstances. We will also provide you with our current mortgage products and interest rates.
Please note our level of service is ‘execution only’ if you apply directly with the 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. If the independent financial adviser decides to place your application with Reliance Bank, you will be provided with “Advice and Recommendation” level of service through their service.

Once we have completed some initial checks, we will provide you with a 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.

Even if you haven’t found a property yet, we can still provide an Agreement in Principle. An AIP is provided at this stage as this is based on lending against a proposed purchase price. Estate agents will require formal confirmation that an AIP is in place prior to accepting any formal offer for the property to become SSTC (sold subject to contract).
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.

We need to know the details about the property you are looking to buy. We will need to gather more details about the property type / age / location / construction type / no of beds etc.

If you have decided that you have found the right property for you then it’s time to make an offer to the seller’s estate agent. If your offer is accepted, it will be ‘subject to contract’. At this point, some estate agents may ask for proof that you have a mortgage agreed. This is where the Agreement in Principle provides the estate agent piece of mind knowing that you are able to buy your new home. If successful, the estate agent will take the property off the open market and get a memorandum of sale agreed between the Vendor / estate agent and the applicant.

The Agreement in Principle will detail all the documentation we need before we can continue with your application. They include proof of name and address, proof of income and confirmation of any further deposit you’ll be paying.

Porting is normally a purchase application, before we can provide you with a new mortgage, we will require a standard mortgage valuation on your property. Once you have confirmed in writing that you wish to proceed with your mortgage application then we will arrange the valuation. Let us know if you require a Full Structural or Home Buyers Report on your property as there will be an additional cost for that. Reliance Bank DO NOT provide a full structural report so this would need to be handled independently of the mortgage valuation which we will require. Please see the Valuation Fees document on the Mortgage Support page.

Once we have had a satisfactory valuation of the property, 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.

Reliance Bank will send your solicitor/conveyancer the formal mortgage offer instructions for your new mortgage, so they are able to carry out the legal searches for the NEW Property you are going to move into.

On a separate matter, your solicitor / conveyancer will need to request the redemption statement from your old mortgage, when they are informed as to when they are able to exchange / complete on the sale aspect of the transaction, so they understand how much is outstanding. The solicitor will also be advised that if there is an Early Repayment Charge that is applicable for the current mortgage, that this would be waived as part of the PORTING process (this waiver ONLY APPLIES if the sale / purchase is back to back / simultaneous)
Once your solicitor/conveyancer has completed all the necessary legal work, you’ll be asked to sign a contract and the seller will sign an identical contract. This will facilitate an ‘exchange of contracts’. You may be requested at this stage to pay a deposit through your solicitor, making this a legally binding transaction.

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.

 

FAQs

No, this is a common misunderstanding from customers who think that PORTING means that their mortgage does not require to go through an affordability assessment. Porting means that we will ALLOW YOU to bring across your PRODUCT over to your new property.
Yes, you will need to go through Reliance Bank’s standard application process to apply for a NEW mortgage, as we need to ensure that any mortgage is indeed affordable.
No, you are only allowed to PORT over the balance outstanding on your current mortgage. IF you need to borrow ADDITIONAL MONEY form the Bank as part of your application, you would need to SELECT FROM THE HOUSE PURCHASE PRODUCT RANGE which would be available at the time of application.

Note that ERC is always clearly illustrated on all redemption statements, even if we are waiving it.We will write out to your solicitor when they request a redemption statement to provide confirmation to them weather they need to pay the ERC or if we will waive this requirement.

We will waive the requirement for an ERC to be paid if you are looking to carry out a simultaneous (back to back) sale and purchase on the same day. Otherwise, you will need to pay this as part of the redemption amount.

How Long do I have where I am able to get my ERC refunded?
You need to ensure that you complete with your new purchase within 12 months from the date of the redemption of your current mortgage to qualify for a refund of the ERC.

The amount you can borrow depends on your individual circumstances. We base our lending decisions on household income, but we also need to take into account your 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% – 95%4.50 x sole income4 x joint income

‘Loan to Value’ is a financial term used to express the ratio of the loan (mortgage) to the value of the property that will be used as security for that loan.

E.g. Mortgage £150,000 divided by the Property Value £200,000 = LTV of 75% The LTV will determine which mortgage product you can apply for.

No, you will need to employ the services of a solicitor or conveyancer to take care of the legal aspects of buying your home.

Yes. We can lend up to 95% of a property’s purchase price, so depending on the percentage being covered by the mortgage, you will have to pay the remaining amount – known as the deposit.

The money for your deposit may be your own, from an investment or inheritance, for example. Or the money may be coming from a relative – something that’s becoming increasingly common for First Time Buyers. Either way, when you apply for your mortgage, we may ask for proof of this deposit to ensure that you will be able to pay it when you come to exchange contracts.

If some or all of your deposit is coming from a Friend or a family member, there is a bit of extra paperwork to get through:

–  Reliance Bank will issue a Gifted Deposit Declaration to whoever is providing the gift for the deposit and ask them to seek independent legal advice
– The Donor / Giftor will need to seek independent legal advice from a solicitor / Licensed conveyancer or notary about gifting a deposit
– sign a Gift Waiver Declaration to confirm that independent legal advice has been given. Whoever provides the independent legal advice will normally charge the giftor for providing this, this charge will need to be met.
– Reliance Bank ask that whoever has provided the independent Legal advice, to send back the completed countersigned declaration from to the mortgage department

Please note that your solicitor may also wish to confirm these arrangements as part of the standard conveyancing procedure prior to exchange of contracts.

It is a legal requirement by law, as well as a mandatory condition of all our mortgages that you must have adequate buildings insurance in place. If you are buying a leasehold or a share of a freehold property, the freeholder (management company) is responsible for ensuring that the property has valid buildings insurance in place at time of exchange of contracts. Your solicitor or conveyancer will ask for these details prior to exchanging contracts with the seller and will check to ensure that there is adequate cover in place. Contents insurance is not a legal requirement for our mortgages, but do think carefully about protecting the contents of your home against mishaps and events beyond your control, e.g. burglary, flood or fire. There is a wide variety of cover available from most insurance companies.

A Life Insurance policy could be used to repay your mortgage in the event of your death or you have a critical illness. However, please be aware that the amount may not be sufficient to cover the amount borrowed as this will depend on the sum assured.
Exemptions and maybe pre-existing medical conditions may mean that the amount borrowed cannot be paid (these will be outlined to you during the medical questionnaire & underwriting that the provider will undertake at the time you apply for your cover). However it maybe worth considering that a Life Insurance policy could ease the financial burden of mortgage repayments for your family at what would be a distressing time. It is not a condition of our mortgage that you have to have a policy in place, but if you feel you would like this extra protection, please speak to an independent financial advisor who will be able to provide a solution for your needs.

Income protection is not a requirement of our mortgages, so this is a decision for you. Income protection covers your monthly income should you become unemployed or sick. If you’re considering any insurance and protection scheme, you should always seek advice from a reputable insurance company or an independent financial advisor.

 

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.

 

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

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