Responsible Lender Charter
Our commitments to you
At Reliance Bank we are committed to being a responsible lender. This means we will always act in the best interests of our customers, be open and honest, and treat them fairly. These commitments underpin everything we do, and the way we lend money is no exception.
Our Responsible Lending customer commitments are described below. These explain what you can expect from us when you apply for a mortgage or request a variation to an existing mortgage.
What you can expect from us:
● Clear information on the cost of borrowing, any fees and charges that apply and our terms and conditions.
● A robust assessment of your ability to make regular payments and to repay the loan, based on your current circumstances and allowing for any known or foreseeable changes.
● We will complete a credit search for every application to ensure a fair and consistent approach to deciding whether we will lend, underpinned by an underwriter assessment if appropriate.
● Reasonable notice of any interest rate and payment changes affecting you.
● Under strict controls we may share data with other lenders to improve the quality of our decisions, to reduce the risk of you becoming over-committed and to prevent financial crime.
● We will always treat your personal information confidentially and in accordance with Data Protection legislation.
● If you have any queries or complaints, we will handle them promptly and professionally.
● In the event of financial difficulties or arrears, we will treat you considerately.
What we expect from you in return:
● You will provide accurate and complete information on your application, particularly with reference to any information that may impact our assessment of affordability.
● You will regularly review your borrowing and other financial commitments and contact us as soon as possible if you are experiencing, or expect to experience, any financial difficulties.
● You will read and understand the terms and conditions on which the money is borrowed, seeking further information and help if needed.
● You will ensure you are comfortable with the level of borrowing requested (up to the maximum we will lend based on our own assessment).
● You will ensure you have the means to repay the loan at the end of the agreed term if any borrowing is on an Interest Only basis.