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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

Bank will allow up to 10 acres of land.

Maximum loan Size £1,000,000.

Bank requires the unexpired lease to be no less than 80 years at the time of the full mortgage application date. Bank requires that at the end of the mortgage term the unexpired lease cannot be any less than 30 year.

We can go to a maximum age of 75 but would only use retirement income.

The Bank does not ignore debts with 12 months or less to run.

Bank does not provide Lifetime Mortgages.

Please refer to Bank to discuss.

Treated as Self Employed.

Live/work schemes are acceptable for Standard Mortgages subject to compliance with planning condition and the work element using less than 40% of the property area.

Minimum loan amount confirmed below:

  • Shared ownership – £75,000
  • Standard and Key Worker – £125,000
  • Further advances – £10,000 new borrowing.

Please refer to Bank.

Bank does not provide residential mortgages to Limited Companies.

Where applicant has changed status from Limited Company to Sole Trader, please refer to Bank.

75% used for affordability. Does not have to be court ordered. Can accept latest 3 months bank statement.

Applications are manually underwritten.

Accepted except in the event of a re-mortgage where both parties are to remain in the property.

Latest payslip required prior to maternity and a letter confirming when the applicant will be returning to work and that this will be on the same terms conditions.

This should be addressed to:
Head of Mortgage – Gareth Byrne
Reliance Bank Ltd
Faith House,
23-24 Lovat Lane,
Moorgate,
EC3R 8EB.

£1,000,000

There is no minimum income requirement.

Acceptable minimum term is 3 years – subject to term of product.

No minimum time but must be employed for a minimum period of 3 months in current role.

Please refer to Bank.

Mortgage offers last for 6 months from date of issue.
A 4 week extension can be considered by Head of Mortgages providing the conveyancer can confirm completion will take place within this period.

Mortgage Term must be for a whole number of years.

Not permitted.

Please refer to Bank.

Not acceptable.

Latest 2 years SA302’s and corresponding tax year overviews required.

An initial occupancy/new build property is classed as any property being occupied and/or sold for the first time on the open market in its current state and includes converted and refurbished properties.

Maximum LTV is 85% for full ownership and 95% of share for shared ownership
An internal inspection of property will be required. If there is no access at time of valuation/property not complete, a re-inspection will be required with the cost payable by the applicant.

An initial occupancy/new build property is classed as any property being occupied and/or sold for the first time on the open market in its current state and includes converted and refurbished properties.

Maximum LTV is 85% for full ownership and 95% of share for shared ownership
An internal inspection of property will be required. If there is no access at time of valuation/property not complete, a re-inspection will be required with the cost payable by the applicant.

Maximum LTV for both New Build houses and flats is 85% for full ownership and 95% of share for shared ownership.

Cash deposits and cashbacks not accepted.
For other incentives, please refer to lender.

Building Standards Indemnity Scheme from a warranty provider acceptable to the Bank .

An internal inspection of property will be required. If there is no access at time of valuation/property not complete, a re-inspection will be required with the cost payable by the applicant.

Applicants must have indefinite leave to remain or Permanent rights to reside.

Cases will be declined if:

  • Two months or more late with payments on individual debts identified via the credit search in the last 6 months.
  • Arrears for any other debt of 2 months or more within the last 6 years should be disclosed.

If sale and completion will be staggered and Non-Simultaneous, please refer to Bank.

Subject to valuer’s comments.

Not acceptable.

Bank allows 4 names on all mortgage applications but only 2 incomes will be used for affordability.

No limit – subject to valuer’s comments.

Subject to valuer’s comments.

Subject to valuer’s comments.

Not acceptable.

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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