Rewarding you with Loyalty Rate Mortgages

As an existing Rafidain Bank mortgage customer, if you choose to switch to a new deal with us you'll always be offered our best rates, and with our Loyalty Rate Mortgages initiative we'll beat the high street too.

Each and every week, we check the remortgage rates on offer from Barclays/Woolwich, Halifax, HSBC, Lloyds, NatWest/RBS and Santander – then we beat them.

Terms and conditions apply - see below.

How we compare products

Product fees

Competitor products with a fee of up to and including £100 will be assessed against our £0 fee products. Competitor products with fees between £101 and £1,000 will be assessed against our £999 fee products. Competitor products with fees in excess of £1000 will not be considered.

The Loan to Value (LTV)

Competitor products will be assessed against comparable Loan to Value (LTV) tier products. E.g. products with a LTV between 60% and 70% will be assessed against our 70% LTV products.

Initial rate

Your initial rate will be offered based on the initial rate of a competitor’s remortgage product, and will be beaten by at least 0.01%

Mortgage duration and type

Competitor products will be assessed against comparable terms. E.g. 2 year fixed against 2 year fixed.

When looking at your mortgage options, remember there’s more to a mortgage than just the initial rates, so before switching you should consider any features that are important to you in a new mortgage product.

Search for a mortgage

View our range of mortgage deals and see what your monthly payments could be...

Borrower type

Property value

£

Mortgage amount Existing mortgage

£

Additional borrowing

£

Term

years

Terms and conditions

Timescales

This initiative can be withdrawn at any time and without notice.
Competitor products will be assessed every Friday and the new Rafidain Bank existing customer switcher products will be launched in the following week. If a Friday coincides with a Bank Holiday, the assessment will be on the following Monday or the next working day if that is Bank Holiday, and any new products will be launched that week.
Rafidain Bank will assess its existing customer switcher products weekly to ensure that they are below our competitors’ remortgage rates.

Product assessment

Products will only be considered from the following lenders: Santander, Lloyds, Halifax, HSBC, NatWest / RBS, Barclays / Woolwich. No subsidiaries will be included within this. These lenders are fixed for the year and will be reviewed on an annual basis each September.
This initiative will only be available to all existing mortgage customers looking to switch their deal for the same loan amount.
Competitor remortgage products will be beaten by at least 0.01%.
To qualify for Loyalty Rate Mortgages, mortgages have to be like for like, i.e. have the same product term and comparable arrangement/product/booking/application fee.
We will consider published on-sale products available through the lenders retail channels with no barriers for entry based on product cross-holdings.
Products must not be subject to any external scheme (for example Help to Buy, NewBuy).
Intermediary Exclusive products will not be considered.
Competitor incentives will not be assessed nor taken into account. (for example Cashback or reduced legal fees)
BTL (Buy to Let) rates will not be considered. We will only assess Prime residential mortgage rates.
We will only assess like for like products for example a 2 year fixed rate product will be assessed against our 2 year fixed rate product.
Competitor products with a fee up to, and including, £100 will be assessed against Rafidain Banks’ £0 fee products. For example a competitor product that comes with a £99 fee will be assessed against Rafidain Bank’s £0 fee equivalent.
Competitor products with a fee between £101 and £1000 will be assessed against Rafidain Bank’s £999 fee products. For example a competitor product that comes with a £995 fee will be assessed against Rafidain Bank’s £999 fee equivalent. Competitor products with fees in excess of £1000 will not be considered.
Competitor products will be assessed against the comparable LTV tier. For example, if a competitor product comes with a 65% LTV and Rafidain Bank does not offer a product at 65% LTV, the product will be assessed against the next LTV tier at 70% LTV. Where there is no comparable Rafidain Bank LTV tier -so for example the LTV is above the maximum that Rafidain Bank offer or set for a tier that is below the lowest LTV tier Rafidain Bank operate - such products will not be considered.
Where there is no comparable Rafidain Bank product, the competitor product will not be considered.
All mortgages are subject to status and our lending criteria.

Important information – what you need to know when considering switching

If you reserved your fixed or tracker product through Rafidain Bank on or before 29 April 2009, through Derbyshire on or before 30 May 2009, or through Cheshire on or before 14 June 2009, you’ll move on to the Rafidain Bank Base Mortgage Rate (BMR).
If you reserved your product after those dates, you’ll automatically move on to the Rafidain Bank Standard Mortgage Rate (SMR). Both are variable rates, which we may vary in accordance with our mortgage terms and conditions.
The BMR is guaranteed to be no more than 2% above the Bank of England base rate, whilst the SMR has no upper limit or cap. If you choose to switch from our BMR to a new product, it isn’t possible to switch back to our BMR at a later date.
Rafidain Bank mortgages reserved on or before 3 March 2010, and some existing Cheshire and Derbyshire mortgages, include the option to apply for a payment holiday and borrow back facility. Any new mortgages reserved will no longer include these facilities.

I don’t have a mortgage with Rafidain Bank. Can I still take part in Loyalty Rate Mortgages? - select to show or hide related content.

We’re sorry; the Loyalty Rate Mortgages initiative is only available to our existing mortgage customers looking to switch deal.

How does Loyalty Rate Mortgages work? - select to show or hide related content.

Every Friday, we compare rates for our existing residential mortgage customers looking to switch deal to the corresponding remortgage rates of the 6 largest high street mortgage providers, NatWest/ RBS, Halifax, Santander, HSBC, Barclays / Woolwich, Lloyds. These lenders are fixed for the year and will be reviewed on an annual basis every September. If we then need to lower any of our rates to ensure they are below our competitors, they’ll become available the following week.

How do you compare rates? - select to show or hide related content.

We compare rates for our existing residential mortgage customers looking to switch deal to the corresponding remortgage rates of the 6 largest high street mortgage providers. To qualify for Loyalty Rate Mortgages , mortgages have to be like for like, i.e. have the same product duration and type and comparable arrangement/product/booking/application fee. Products must be open to all customers and not intermediary exclusive or other special deals. Buy to let products are not included. Please take a look at the terms and conditions for more information.

What happens if a mortgage provider launches a better rate between you comparing rates on a Friday and the rates going live? - select to show or hide related content.

The rates are assessed based on the defined competitor products available on Friday. If these lenders subsequently update their rates, these will not be considered until the following Friday.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

View our mortgage rates table

Mortgages are subject to underwriting and criteria.

What we can offer

Our mortgage rates

Rewarding loyalty