Your guide to help you make the right move, whether you are buying your first home, moving home or just wanting to move your mortgage, we will help make the process simple. We all know that buying a home can be stressful and there is so much involved... estate agents… solicitors...surveys...mortgages... and so much more to remember.
At Reliance Bank, we do not offer advice or recommendation; we only offer an execution-only mortgage service. The following information gives an overview of our mortgage procedures and will help you decide whether a Reliance Bank Mortgage is suitable for you.
How much will we lend?
The amount we are prepared to lend will depend on your individual circumstances - we will look at your income and the value of the property you want to buy. We will always be happy to consider requests that fall outside these guidelines, but as a general rule we will consider lending:
Loan as a multiple of income:
Sole applicant - 3.75 x salary
Joint applicant - 3.75 x 1st salary plus 1 x 2nd salary or 2.75 x joint salary
First time buyers only - applications for loans of 90%, may be considered on an individual basis
For lending between £250,000 and £500,000 the minimum deposit is 20%
Minimum loan £50,000
For house purchases or re-mortgages up to £250,000 the maximum loan is 85% of the value of the property. Minimum deposit 15%
Shared Ownership Purchases
We are presently accepting mortgage applications for shared ownership purchases, subject to Reliance Bank Limited having a First Legal Charge over the property.
Which mortgage is right for you?
Reliance Bank has the following mortgage products, and it is your decision which is suitable for your individual needs.
Fixed Rate Mortgage
2 Year Tracker Rate Mortgage
Home Mortgage Variable Rate
Standard Variable Rate
Move your mortgage without moving home
If you are considering switching your mortgage you may find that you could save money by re-mortgaging with us.
If we give you a Mortgage Offer or an Agreement in Principle, it will be subject to:
A satisfactory valuation or assessment of the suitability of the property to be mortgaged
The information you have supplied us being correct
Confirmation of your decision to proceed on an execution-only basis
Additional information to consider
From 26 April 2014, The Financial Conduct Authority has established new
rules for lenders and advisers in the UK. Reliance Bank is a responsible
lender and abides by these new rules and regulations, offering an Execution-only
mortgage service. This means that we can not provide any advice with our
For full details on our Mortgage Services, please refer to the pdf at the bottom of this page called 'About Our Services'.
Our mortgages are subject to security and status. A legal charge will be taken over the property and we may also require to hold life policy documents.
Additional features of all Reliance Bank's mortgages
Interest is calculated daily
You don’t have to bank with Reliance Bank to apply
Personal service and management through from the start fo your applicaiton to completion