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Remortgaging

You don’t need to move home to move your mortgage. Perhaps you just want to save money each month. Perhaps you want to release some equity in your home. You may even be mortgage free and looking to borrow again. Whatever your reason, it’s good to know that with Reliance Bank you’ll be getting competitive interest rates and award-winning personal service from a socially responsible lender.

Summary

Click the link below to see our:

Remortgage Mortgage Rates

You don’t need to move home to move your mortgage. Perhaps you just want to save money each month. Perhaps you want to release some equity in your home. You may even be mortgage free and looking to borrow again. Whatever your reason, it’s good to know that with Reliance Bank you’ll be getting competitive interest rates and award-winning personal service from a socially responsible lender.

  • Available on Loan amounts starting from £50,000 to £1 million
  • Available on properties valued from £60,000
  • Borrow up to 85% of the property’s value
  • Fixed rates available
  • 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

 

A great mortgage

  • 2 Year Fixed Rate

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 0207 398 5421, 0207 398 5422 or 0207 398 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

 

Rates and fees

Remortgaging can be a great way to save money. Just don’t forget that there are costs involved in the process of moving your mortgage too – so make sure you factor those into your calculations.

Click on the below for the following items:

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

Mortgage documents

Stick to your budget with a Fixed Rate mortgage

At Reliance Bank we offer a Fixed Rate Mortgage especially for First Time Buyers, this is a 2 Year Fixed Rate.  It means your interest rate – and therefore your monthly payment will remain the same for the period of the product.

At the end of your fixed rate period your mortgage will revert to a variable rate, although we will write to you before the end of your fixed rate period to let you know what other mortgages.

Our fixed rate products are fixed until a certain “end date” – which means in some instances, the Bank does not fix rates for 24 payments for 2 year fixed rates and 60 payments for 5 year fixed rate products.

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.

 

The remortgaging process

Here’s what you can expect to happen when you move your mortgage to 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.

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.

Your solicitor/conveyancer will complete some legal checks on Reliance Bank’s behalf about the legal title of your home. Once these checks have been completed, they will make contact with the customer to ask when would they wish to have the new mortgage complete and pay off their current mortgage provider. Once a date has been confirmed, the solicitor will write to the customers current mortgage provider, asking for a redemption statement, which would outline how much they would need to pay the current lender to close that mortgage.
On the day of completion, the solicitor will ask Reliance Bank to send them the money from this application, which they will use to pay off the mortgage form the previous provider. If there is any spare funds following the redemption of the previous mortgage, the solicitor would transfer this to the customer.

Once your solicitor/conveyancer has completed all the necessary legal work, your remortgage will be complete. 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.

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

 

FAQs

A remortgage is when you move, or switch, your mortgage from one lender to another.
The reasons to remortgage vary from person to person. Here are some of the most common motivators:- to save money by switching to a lower interest rate
– to enjoy the certainty of a fixed rate deal if you’re currently on a variable rate
– to pay the mortgage off faster by switching from an interest-only mortgage to a repayment mortgage
– to release equity from your home to pay for a big expenditure item, e.g. home improvements, a weddingAt Reliance Bank we also use the term remortgage for people who have paid off their mortgage (sometimes referred to as ‘mortgage free’ or ‘unencumbered’) but now wish to take out a new mortgage with us.

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:

LTVOne applicantTwo applicant
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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Reliance Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Financial Services Register number 204537. Member of the Financial Services Compensation Scheme (FSCS)

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