Kent Reliance Building Society

Q. Can I borrow from Kent Reliance if I am serving my probation period at work?

Yes. On receipt of your application, KRBS will request a reference from your employer. The reference must be stamped, dated, sealed and addressed to Kent Reliance Building Society with confirmation that the employer cannot foresee any problems with permanent employment. If the probation period has been completed the Society will not require the reference.

Q. Can I borrow on agricultural land?

Yes. The Society’s valuer will need details of the planning permission and any agricultural occupancy conditions, with which you must comply. Subject to your income and status, the maximum LTV is 60%.

Q. Can I borrow on council houses?

Yes, provided that they are of standard construction (i.e. not concrete or steel framed) and subject to written confirmation from the Local Authority in the form of a Right to Buy Certificate, the Society’s normal lending criteria will apply. Former council flats in high rise blocks are not accepted.

Q. How long is the Key Facts Illustration (KFI) valid for?

The KFI is valid for a period of 28 days from the date of issue.

Q. How long is the redemption statement valid?

Redemption statement is valid for a period of 28 days.

Q. Does my guarantor need to be a family member?

Yes. Your guarantor has to be a blood relative.

Q. Does Kent Reliance consider the Working tax and/or Child tax credits for the calculation of income?

Yes. The Society will consider 100% of the tax credit system (Working tax credit/Child tax credit) provided it is evidenced through a HM Revenue & Customs statement or bank/building society statements. Please note Child benefit will not be considered.

Q. How much can I borrow?

We assess your borrowing based on your earnings and the value of the property.

The Society will also calculate your affordability status, taking into account your net salary, monthly outgoings and any rent and service charges that may be applicable.

Using the below guidelines, we assess the maximum that you can borrow. However, this may be reduced, depending on your outgoings and other financial commitments.

Annual Gross Income :	Employed - Up to £50,000	Employed - Over £50,000	Self employed - All incomes
Loan to value ratio (LTV):	Loans up to 75% of property value	Loans up to 75% of property value	Loans up to 75% of property value
Single Income :	3.5 x gross income	5 x gross income	3 x gross income
Joint Income :	3.5 x higher gross income plus 1 x lower gross income	5 x gross joint income	3 x higher gross income plus 1 x lower gross income
Or if greater :	3 x gross joint income	N/A	N/A

Q. Can I change my payment method (interest only, repayment, part & part) during the lifetime of the mortgage? Can this be done any time and is there are any charge?

Yes, provided payments are up to date and the total debt is less than 75% LTV, you can change your payment method at any time during the mortgage term without any charge. The Society will require a written request sent to Kent Reliance Building Society, Reliance House, Sun Pier, Chatham, Kent ME4 4ET to enable us to proceed.

Q. Do I need to send a cheque for CHAPS transfer fees?

No. The CHAPS transfer fee will be deducted from the advance monies before these are sent to your solicitor.

Q. What is an early repayment charge?

Usually incurred where a product has been taken out over a specified period (e.g. fixed, discount or capped rate) and the mortgage or part of the mortgage (minimum £500) is repaid before the end of the period. Any early repayment charges applicable will be stated in the product information leaflet and also in the offer of advance. This is not a penalty charge but is a charge raised to offset the costs involved when a specific product is taken and then repaid early.

Q. If I make an overpayment on my monthly mortgage repayment, will I have to pay a penalty?

On all of our mortgages, you can make an overpayment of up to £499.99 per month, over and above your registered monthly mortgage repayment, without attracting a charge. On certain products (e.g. fixed, discounted or capped rate mortgages) if you overpay more than £499.99 per month, you will be liable for an early repayment charge on the amount repaid, e.g. an overpayment of £1,000 will result in a charge of £30 (3% of the amount repaid).

Q. Can I take a further advance on a shared ownership property in the first 12 months?

No. We can consider a further advance only after the first 12 months subject to no payments being missed during the first year and the Housing Association’s written agreement. Please note that the total borrowing cannot exceed the percentage share of the current valuation.

Q. Do you issue Agreements in Principle (AIPs)?

No. The Society will assess the case on receipt of the application, together with all of the supporting documentation noted in the checklist on the application form and any relevant booking and administration fees payable.