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Lending criteria – residential

Service Level Agreements

• AIP Turnaround time: Available immediately once an affordability assessment has been conducted on the phone.
• Full Mortgage Application to Formal Mortgage Offer turnaround time: 14 days from date of FMA (Full Mortgage Application)

Rates are Only Secured when your application reaches Full Mortgage Application (FMA) Stage.

Use our A to Z tool below for details of our residential lending criteria – click on the “A – C” or “D – K” etc to view the criteria headings.

Use our A to Z tool below for details of our residential lending criteria

A-C D-K L-N O-Q R-Z

Must be owned for a minimum of 6 unless inherited.

If any applicant has had a Debt Relief Order within the last 6 years, applications will be declined.

Cases will be declined in the following circumstances:

  • 1 Satisfied or unsatisfied default greater than £100 registered in the last 12 months.
  • 1 Satisfied or unsatisfied default greater than £500 registered in the last 3 years.
  • Two or more defaults registered in the last 3 years.

Exceptions can be considered by the Head of Mortgages/Mortgage Underwriting Manager. Please refer to Bank in this instance

Not acceptable.

The Bank will not consider applications where the purchase/remortgage of a property is for a dependent relative.

Gifted deposit accepted from Family and Friends. The Bank’s Gifted Deposit Form must be completed. Evidence of gifted deposit funds may be requested.

Source of deposit must be evidenced. Must be in a UK bank account at time of application although can originate from Overseas. Gifted deposits accepted from family and friends.

Deposit from a business.

The Bank will not consider applications where a party has diplomatic immunity.

Accepted if applicant self-employed and owns more than a 25% share.

Not acceptable.

Not accepted unless Section 106 restrictive covenant. In this instance, refer to lender.

Not acceptable.

Subject to valuer’s comments.

Must be in role for a minimum period of 3 months.
If Key Workers, Day one employment accepted subject to continuous employment in the same industry for a minimum of two years.

Can be requested by an Underwriter on a case by case basis.

Bank does not offer Equity Release mortgages.

Not acceptable.

Subject to valuer’s comments.

Bank does not lend to Ex-Pats.

Please refer to Bank.

Not accepted.

Bank’s exposure limit to a single development is 25%.

Accepted – reference from Accountant may be requested.

95% subject to product availability.

Bank classifies a FTB as someone who has never owned a property in the UK or worldwide.

Subject to valuer’s comments.

Subject to valuer’s comments.

Subject to valuer’s comments.

Not acceptable.

Please refer to Bank.

Bank does not offer Forces Help To Buy (HTB).

Not acceptable.

75% used for affordability.
Latest 2 years SA302’s and Tax Year overviews required.

The Bank does not offer a Free Legal incentive but a cashback may be applicable. Please refer to product details.

Not acceptable.

Not acceptable.

The Bank does not offer Guarantor Mortgages.

Property needs to be habitable with working kitchen and bathroom. Will be subject to valuer’s comments.

Soft Footprint at AIP.
Hard Footprint at FMA.

Please refer to Bank.

Bank does not offer Help To Buy Equity Loan Scheme.

Bank does not apply a Higher Lending Charge.

Not acceptable.

Not acceptable.

Bank requires 2 forms of ID&V verification for all mortgage applications as follows:

  • 1 item for proof of name.
  • 1 item for proof of address.

ID must be in Colour and if using Driving Licence, copies of Front and Back must be provided.
Bank Statements are not accepted for Proof of address.

List of permitted documents available from Reliance Bank and a copy is supplied when an AIP is issued.

Certification of documents required only if Bank is unable to verify electronically.

60% of latest 3 month average used for affordability.

Not acceptable.

100% used for affordability.

Not acceptable.

60% used for affordability.

60% of latest 3 month average used for affordability.

100% used for affordability.

60% of latest 3 month average used for affordability.

Not acceptable.

75% used for affordability.

Employed – Latest payslip or latest 3 months if using overtime/commission for affordability.
Self-Employed – Latest 2 years SA302’s and corresponding tax year overviews. Cannot be more than 18 months old.

If any applicant has had and IVA within the last 6 years, applications will be declined.

Bank does not offer interest only mortgages.

Product transfer are accepted via intermediaries. Please contact the Bank for an application form.

Refer to ‘Contractors’.

Bank can consider properties with Japanese knotweed subject to a specialist report outlining the issues and a quote from a treatment company who offer a warranty-backed treatment regime. These are still subject to valuer’s comments and if the valuer declines the property, the application will not be progressed. There is no right of appeal.

All applicants must be named on the mortgage and deeds but only one applicant has to be living in the property.

Key Worker occupations:

  • Salvation Army Employees.
  • NHS Workers (any occupation as long as they are employed by the NHS including administration teams).
  • Charity workers.
  • Healthcare Sector including those who work in the care home sector excluding Zero Hour contracts.
  • Social Workers.
  • Childcare professionals.
  • Pharmacists.
  • Police Officers including PCSO’s.
  • Fire Fighters.
  • Dentists.
  • Teachers and anyone who is employed in the education sector including University Lecturers.
  • Prison Staff.
  • Transport workers – working for public or private sector transport organisations such as Transport for London, Bus, Train, or Tram networks.
  • Postal Service workers excluding those in the private sector working for courier companies.
The Salvation Army

We are proud to be the bank of The Salvation Army International. Find out more about our shared history.

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. All rights reserved. Registered in England. Registration no. 68835.

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

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

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