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Mortgages

Mortgages

 

 

 

For Full Mortgage product range - see Support page "Mortgages" for rate sheets.

Please see the Support page for important information regarding mortgage payment holidays.

If you are an independent financial adviser who is looking to register with Reliance Bank and place mortgage business with ourselves, please call 020 7398 5421 or 020 7398 5422 or alternatively email mortgages@reliancebankltd.com to find out more.

Mortgages

We all know that buying a home can be stressful as there is so much involved ... estate agents… solicitors...surveys...mortgages... 

Reliance Bank is proud that our mortgage range supports our social impact focus, particularly through our shared ownership and first time buyer offerings to enable individuals to get onto the housing ladder and call their house a home.

Reliance Bank will provide information only so that you can make a decision based on your individual needs and circumstances. We do not provide advice on mortgages so if you apply to us directly our level of service is execution-only. We do provide a personal service and help manage you through each step of your mortgage journey from application to completion. Interested?

Please select the option below that best describes your circumstances:

  • Shared Ownership Mortgages
  • First Time Buyer 
  • House Purchase 
  • Remortgaging and Mortgage Free
  • Existing Customers (Rate Change / Further Advance)

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 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:
 

    Mortgage documents
    • Social Impact Mortgages
    • First Time Buyer
    • House Purchase
    • Remortgage
    • Existing Customers

    Summary

    Reliance Bank are proud to support Shared Ownership Mortgages. These mortgages help people who would normally be unable to get on the housing ladder, to buy a share of their new home with the support of a housing association.

    We lend up to 90% of the share and take a first legal charge over the property.

    An example of a case we have done recently is a new build house in Hertfordshire

    Market value / purchase price - £250,000
    Client looking to buy a 60% share of the property = £156,000
    RBL Mortgage required (90% of the share) = £140,400
    Personal deposit from client / client's family = £15,600
    Housing association paying the remaining share = £94,000

    Shared Ownership Case Study

    Hannah and Joseph were recently able to buy their first home in North London on a Shared Ownership mortgage provided by Reliance Bank, with the support of a local housing association.

    Hannah says "We could not live where we are in north London without the Shared Ownership mortgage that Reliance Bank provided, We are so thankful to Reliance Bank and the housing association for enabling our family to have a home as we continue in work and ministry".

    To find out more call us on 020 7398 5421 or 020 7398 5422 or email mortgages@reliancebankltd.com

     

    Click here for attachments and look for Shared Ownership Rates

    Reliance Bank Key Worker Mortgage Product Range

    Reliance Bank are proud to launch a Key Worker Mortgage Product range to support home ownership amongst a number of essential key worker occupations within the UK. Along with our Shared Ownership Mortgage Product range, this shows our continued commitment to supporting financial inclusion within society.

    We want to support Key Workers who are looking to purchase or remortgage their own home and for that reason we are launching a Key Worker Mortgage Product range. One of the Key Worker Mortgage Products has a 90% loan-to-value (LTV). We anticipate demand will be high so for that reason this product range could be withdrawn at any time. Please remember, an AIP does not secure a formal mortgage offer.

    In order for the rate to be secured, the mortgage application will need to have progressed to  Full Mortgage Application stage (FMA).When this happens the mortgage department will provide written confirmation to the customer / independent financial adviser stating that the rate has been secured and also re-confirm that the application is subject to a satisfactory valuation of the property which is to be mortgaged to us.

    The following account features apply to the standalone Reliance Bank Key Worker Mortgage Product range for new and existing customers:

    • It’s a 5 year fixed rate
    • There are 2 distinct loan to value bandings – up to 75% and up to 90%
    • Provision of a free basic mortgage valuation for First Time Buyers
    • Product fees can be added to the borrowing amount for customers not wishing to pay the fee upfront (please note that the LTV limit CANNOT be exceeded by the product fee being added to the loan)
    • The up to 75% LTV product can be utilised for BOTH house purchase & remortgage lending customers 
    • One Party must be currently employed in one of the qualifying occupations to be able to access this product offering
    • This product cannot be utilised for Shared Ownership / Right to buy schemes / Help to Buy Schemes
    • This product will have minimum and maximum £ loan sizes - please refer to the Key Worker Mortgage Product Rate sheet on the Mortgage Support page for confirmation of the minimum and maximum loan sizes

    In order to qualify for a Reliance Bank Key Worker Mortgage Product at least one mortgage applicant must currently be employed in one of the qualifying occupations listed below:

    • Salvation Army Employees
    • Police officers – including PCSO officers
    • NHS workers – including dentists 
    • Care professionals 
    • Fire fighters
    • Prison officers
    • Teachers
    • Charity workers
    • TFL & Other transport workers – This category would include those who are employed by other public transport organisations that cater for Bus / Train / Tram transportation networks
    • Postal services – This is excluding couriers 

    To find out more call us on 020 7398 5421 or 020 7398 5422 or email mortgages@reliancebankltd.com
     

    • For Mortgages up to 60% Loan to Value 1.49%
    • Fixed until 31/01/2026 £1,495 Product fee, Loan size £50,000 - £500,000
    • Representative of an APRC rate being  3.0%
    • For Mortgages between 60% and 75% Loan to Value 1.59%
    • Fixed until 31/01/2026 £1,495 Product fee, Loan size £50,000 - £500,000
    • Representative of an APRC rate being  3.0%
    • For mortgages up to 90% Loan to Value 3.60%
    • Fixed until 31/01/2026 £0 product fee, Loan size £50,000 - £250,000
    • Representative of an APRC rate being 3.9%

    First Time Buyer Mortgages

    Free basic mortgage valuation for properties up to £700,000.

    In order to apply for the free basic mortgage valuation offer, at least one customer must be a First Time Buyer (FTB).

    A first time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence.

    Reliance Bank are proud to support shared ownership mortgages for First Time Buyers. These mortgages help individuals who will normally be unable to get onto the housing ladder, buy a share of their new home with the support of the housing association.
    We lend up to 90% of the share and take a first legal charge over the property. For further information about our Shared Ownership mortgage product range please visit the Shared Ownership Mortgages page on this website

    Can I apply for a First Time Buyer mortgage? Please see our First Time Buyer guide in our Support page.

    Call us on 020 7398 5421 or 020 7398 5422 or alternatively email Mortgages@reliancebankltd.com to find out more.

    House Purchase

    If you are looking to move or get back onto the housing ladder, we have a number of mortgage products available for you to choose from to help you achieve home ownership.

    If you are not in the position to buy your new home outright, you can also consider the option of buying a Shared Ownership property, we are delighted to make these available with as little as 10% deposit. For further information about our Shared Ownership Mortgage product range please visit the Shared Ownership Mortgages page on this website.
     

    Please refer to the following documents in the Support page:
    - Guide to buying your home
    - House Purchase rates
    - Basic valuation guide
    - Homebuyer report guide
     
    Call us on 020 7398 5421 or 020 7398 5422 or alternatively email Mortgages@reliancebankltd.com.

     

    Click here for attachments and look for First Time Buyer and House Purchase Rat…

    Remortgage and Mortgage Free

    Remortgage - Move your mortgage without moving home

    If you are considering switching your mortgage you may find that you could save money by remortgaging with us.

    Please see our Remortgage and Mortgage Free rate table and Reliance Bank Mortgage Terms and Conditions.
     
    Mortgage free property - Looking to raise a mortgage on your mortgage free home
     
    If you are considering raising money on your mortgage free home you may find that you could save money by doing that with us.
     
    Please see our Remortgage and Mortgage Free rate table and Reliance Bank Mortgage Terms and Conditions.

    Call us on 020 7398 5421 or 020 7398 5422 or alternatively email us at Mortgages@reliancebankltd.com.

    Click here for attachments and look for Remortgage Rates

    Existing Customer Further Advance

    If you already have a Reliance Bank mortgage and are needing to raise some additional money to help carry out some home improvements for example we have a range of mortgage products which can suit your circumstances. For a further advance we do not require a solicitor to carry out any conveyancing as you are already a customer of ours.
     
    We are able to lend up to 85% of the value of your home for a further advance.
     
    As Reliance Bank does not offer mortgage advice we are unable to assist you directly if you are looking to raise money for debt consolidation. In these circumstances we would ask that you speak to an independent financial adviser who will be able assist you with this request and will be able to submit a further advance application to us on your behalf.
     
    If one of our rates interests you, call us on 020 7398 5421 or 020 7398 5422 or email us at Mortgages@reliancebankltd.com.

     

    Existing Customer Rate Change

    The great news is, if you are an existing Reliance Bank mortgage customer all our mortgage products are portable.

    This means that if decide to move during your current mortgage term, we can transfer the outstanding balance at your original rate to your new home. We can also review the mortgage term should you wish at the same time as your rate change. Please note,as with any new mortgage application, the bank will need to carry out an assessment of your circumstances to ascertain how much you are able to borrow as porting allows you to transfer your current mortgage rate but the amount would be subject to our standard mortgage application process.

    If you are looking to borrow more on your mortgage, then you would need to refer to the house purchase product range for the corresponding rate of interest that would apply to any new money you wish to take out.

    Call us on 020 7398 5421 or 020 7398 5422 or alternatively email Mortgages@reliancebankltd.com to find out more.

     

    Click here for attachments and look for Existing Customer Further Advance or Ra…
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