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. |
| |
3.5 x gross income |
5 x gross income |
3.5
x gross 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 |
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. |
