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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

Where a re-inspection is required, the fee must be paid by applicant.

Please refer to Bank.

Lending is available in England (including Isle of Wight, Scilly Isles, Lindisfarne, Lundy) and
Wales (including Anglesey, Holy Island formerly known as Holyhead Island, Caldey.

Capital raising for debt consolidation is allowed as follows:

  • 85% on standard applications.
  • 90% on Key Worker applications.
  • 90% on Shared ownership applications.

85% on standard applications.
90% on Key Worker applications.

85% on standard applications.
90% on Key Worker applications.

95% on Shared Ownership cases but limited to 90% if there is any element of debt consolidation.

Bank does not lend on Shared Equity mortgages.

95% but limited to 90% if there is any element of debt consolidation.

Where Home Improvements are required on a Remortgage application for a property purchased under the right to buy scheme which is still within the initial 5-year period, we require sight of estimates or invoices from the company carrying out the work. The figure on the estimate or invoice must be the same or greater than the additional borrowing being requested.

Please refer to Bank.

95% on Shared Ownership product range.

FINAL STAIRCASING
85% on standard applications subject to product availability.
90% on Key Worker applications subject to product availability.

Treated as debt consolidation.

Refer to Bank if applicant has rent arrears.

Up to two lodgers are acceptable providing that they are treated as a family member and the living accommodation shared. If the lodger(s) has exclusive occupation of a self-contained part of the house (for example an annex) the lodger must sign an Occupation Waiver.

Not acceptable.

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

Maximum term for a capital and interest repayment method is 40 years subject to the mortgage finishing before the eldest clients 70th birthday. Term is determined by age next birthday to age 70 or anticipated retirement age, whichever is lower.

If applicants have had a property Repossessed / Voluntary Surrender, the Bank will consider lending after a minimum period of 6 years from date of being satisfied.

Running costs will be factored for affordability – please refer to Bank.

Please refer to Bank.

Not acceptable.

Can borrow up to 95% of the discounted purchase price providing this does not exceed 90% of the market value. Subject to product availability.

Bank does not lend on RIO mortgages.

The Bank does not consider currently.

Not acceptable.

Please refer to Bank.

Not acceptable.

Please refer to Bank.

Please refer to Bank.

Not acceptable.

Must be in role for a minimum period of 3 months prior to date of full mortgage application. The Bank will assess number of hours worked in line with the Work Directive (recommended 48 hours per week).

Not acceptable.

Factored into affordability.

Not acceptable.

Will lend up to 95% of the share (subject to product availability).

Minimum share is 25% subject to a minimum loan amount of £75,000.

Please refer to product terms.

Refer to ‘Contractors’.

Not acceptable.

Bank does not allow Solar Panel Leasing Agreements.

Acceptable.

Please refer to Bank.

Not acceptable.

  • Steel frame construction pre-1987.
  • Steel frame construction post-1987 with a WIMLAS or BBA certificate are acceptable.

Not acceptable.

Factored into affordability.

Bank does not lend on Studio Flats.

Applications will be considered provided that:

  • The applicant has 2 years’ continuous service in the same type of contracting employment.
  • The applicant has a current continuous contracting employment of 12 months or more with 6 months of the contract remaining.

IT and Construction Industry Scheme contractors must be treated as self-employed.
The Bank does not take into consideration any income from a zero-hour contract.

Please refer to Bank.

100% of TLR used for affordability.

Please refer to ‘Contractors’.

Not acceptable.

The following are not acceptable:

  • Timber or metal-framed buildings where the cavity, between frame & cladding, has been retrospectively filled with an insulation material.
  • Timber framed property that does not have a brick or “block and rendered” outer skin – Including Swedish Timber Framed.

Any rental shortfall will be treated as a commitment.

Please refer to Bank.

Factored into affordability.

The Bank does not Lend to Trustees.

Applicants must have indefinite leave to remain or Permanent rights to reside and be resident in the UK.

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

Please refer to Bank for consideration.

Re-mortgage criteria applies.

Will be declined if 2 or more total late/missed payments in last 6 months. Arrears for any other debt of 2 months or more within the last 6 years should be disclosed..

Will be declined if 2 or more total late/missed payments in last 6 months. Arrears for any other debt of 2 months or more within the last 6 years should be disclosed.

Will be declined on 2 or more total missed/late payments in the last 6 months. Any arrears of 2 months or more in the last 6 years must be disclosed.

Refer to Bank if there will not be Full Vacant Possession on completion.

Bank can arrange Homebuyers only. If seeking structural report, Bank will require separate Standard valuation.

Not acceptable.

Not considered.

Applicants must have indefinite leave to remain or Permanent rights to reside and be resident in the UK.

60% used for affordability.

75% used for affordability.

Please refer to Bank.

Minimum of 2 years required. Cannot be more than 18 months old.

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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