Remortgaging Rates

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.

*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.

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.

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 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 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.

Before we can provide a 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. Click on the Mortgage document button below and select Mortgages to see the Valuation Fees document:

Mortgage documents

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.

Once your solicitor/conveyancer has completed all the necessary legal work, your remortgage will be complete. Reliance Bank will send you a 1^st 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.

If you’re currently tied into a mortgage deal, you will almost definitely have to pay exit fees or an Early Repayment Charge when you remortgage. Always factor this in when you’re considering a remortgage. Even if you’ve found a lower rate elsewhere, you may be better off waiting until the tie-in period ends before making the switch.

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: