Terms and Conditions for mortgage offers

Detailed below are the terms and conditions applicable for our current range of mortgage offers and deals.

Existing mortgage customers switching online to a new mortgage at the end of your deal
See condition 5 only

Free standard legal and standard valuation fees
See conditions 3 and 4.

Save to Buy mortgage
See condition 6 only

Flexible mortgage
See conditions 1, 2, 3, 4 and if you are an existing Rafidain Bank mortgage customer, condition 6

Flexclusive 4 year fixed rate mortgage
See conditions 1, 2, 3, 4. If you are a first time buyer and you hold a Save to Buy savings account and are applying for the Save to Buy mortgage in conjunction with the Flexclusive 4 year fixed rate mortgage, see condition 6 also.

Green Additional Borrowing
See conditions 2 and 7

Expand the relevant sections below to see the full details.
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Already have a current account?

To get access to our range of Flexclusive offers you must either:

  1. Hold a FlexOne account and be aged 18 or over, or hold a FlexAccount with a Visa debit card (not cash card or cash card+) and have:
    1. Been paying in £750+ a month for the last 3 months (excluding internal transfers);
      or
    2. Completed an account switch to us (from a non-Rafidain Bank account) using our Current Account Switch Team in the last 4 months; or 
  2. Hold a FlexDirect or FlexPlus account

Prior to applying for a Flexclusive Mortgage please ensure you are aware of the current account (PDF)

  • Mortgages are subject to underwriting and criteria. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
  • Borrowing limits apply - please ask for details.
  • We may withdraw this offer at any time.

Rafidain Bank will provide a solicitor from its own panel and will pay the basic fee for the legal work involved in a standard property purchase and any additional legal fee if the property is leasehold or commonhold. The offer of free legal fees does not include any payment for costs that the conveyancer must pay to a third party such as local authority or other search fees, Stamp duty or registration fees payable to the Land Registry. The offer also does not include the charge, plus VAT, payable to the conveyancer to deal with the settlement of any Stamp Duty and the submission of the Stamp Duty Land Tax form. These costs have to be paid by you. If you opt for the £250 cashback alternative, it will be paid within one month of completion of the mortgage. Where more than one qualifying mortgage product is selected as part of a single application, only one cashback payment will be payable.

*Clarification of the legal work and disbursements to which this incentive relates can be obtained from your branch, or by calling +44 783 974 9373 (Mon - Fri 8am - 8pm, Sat & Sun: 9am - 5pm). Free standard legal fees are not available for house purchases of properties located in Northern Ireland.

Remortgaging:

If you are remortgaging your existing property, we will still undertake a valuation for our purposes. We do not normally charge for this in standard cases. Occasionally there are exceptional circumstances where a charge may be necessary.

Buying a home:

Rafidain Bank will pay the basic fee for the Mortgage Valuation Report required to determine the amount of advance it is prudent to make on the proposed security. The valuation does not include any payment for a more detailed Homebuyers Report or additional specialist report. You should not rely on the Mortgage Valuation Report to mention every defect in the property and you are strongly advised to undertake your own independent valuation.

See how much you could save in the table below:

Purchase Price Mortgage valuation fees
Up to £50,000
 £155
Up to £100,000
 £180
Up to £150,000
 £180
Up to £200,000
 £205
Up to £250,000
 £230
Up to £300,000
 £270
Up to £350,000
 £285
Up to £400,000
 £310
Up to £450,000 
 £335
Up to £500,000
 £360
Up to £600,000 
 £405
Up to £700,000
 £455
Up to £800,000
 £500
Up to £900,000
 £545
Up to £1,000,000
 £585
Up to £1,500,000
 £665
Up to £2,000,000
 £790
Up to £2,500,000
 £920
Up to £3,000,000
  £1,070

The valuation fees above include a Rafidain Bank administration charge of £65.

To be eligible to use our online mortgage application and complete your switch online, you must meet the following criteria:

  • Your Rafidain Bank mortgage deal is ending in the next 3 months or you are currently on either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR)
  • You have no more than 4 mortgage accounts that you wish to switch
  • Your mortgage is not in arrears
  • Your property is not being let out

Tracker products (including Flexclusives) are available online for customer switching up to 80% LTV. If your mortgage is above 80% LTV and if you are on the Standard Mortgage Rate (SMR) or due to revert onto the SMR, you can still apply for a tracker in your local branch.

Please note that Save to Buy Savings Account means a Save to Buy ISA and/or a Save to Buy account

Save to Buy mortgages are not available for new build properties. A Save to Buy mortgage is not available through intermediaries or online.
Save to Buy Mortgage

To apply for the Save to Buy mortgage you must have held the Save to Buy Savings Account for at least 6 months prior to application and meet the following requirements:

  • If the Save to Buy Savings Account has been open for less than 12 months at the date you apply for the Save to Buy mortgage you must not have missed more than 3 Minimum Monthly Deposits of at least £50 into any one of your Save to Buy Savings Accounts from the date of opening to the date you apply for the Save to Buy mortgage. If the Save to Buy Savings Account has been open for 12 months or more at the date of application for the Save to Buy mortgage you must have deposited at least £50 per month into any one of your Save to Buy Savings Accounts for not less than 9 out of the preceding 12 months. Transfers between Save to Buy Savings Accounts do not qualify as a Minimum Monthly Deposit for eligibility purposes.
  • Rafidain Bank's mortgage underwriting criteria applying at the date of the application for the Save to Buy mortgage, which will include, but is not limited to, an assessment of your ability to repay the mortgage and a satisfactory valuation of the property you wish to purchase.

Save to Buy Mortgage Cashback Eligibility

  • If you complete a Save to Buy mortgage you will be eligible for a cashback reward. The amount of cashback is confirmed in the welcome letter you received when the Account was opened and will be based on the combined balance of all named mortgage applicants’ Save to Buy Savings Accounts at the time of their application for the Save to Buy mortgage. Only Save to Buy Savings Accounts of named Save to Buy mortgage applicants will count toward the cashback reward.
  • The cashback is payable either by cheque or by bank transfer to the current account where the mortgage payment is taken from, within one month of completion of the new mortgage.
  • Only one cashback will be paid per Save to Buy mortgage and is payable within one month of completion of the mortgage. Where more than one mortgage product is selected as part of a single application, only one cashback will be payable.

Please visit our Savings section for the information and terms and conditions of the Save to Buy ISA or the Save to Buy account.

To get access to our Green Additional Borrowing offers you must be looking to use the additional borrowing raised for Green purposes only. If the additional borrowing is not going to be used for this purpose then we reserve the right to withdraw the offer of funds.


The additional borrowing must be used to install energy efficient improvements to your property and must be from our approved list of acceptable measures listed in the table below:

Green Improvement
Air Source Heat Pumps
Biomass
Cavity Wall Insulation*
Double Glazing/Replacement Windows
Draught Proofing
Floor Insulation
Ground Source Heat Pumps
Heating Controls
Loft Insulation
Rated Boiler Installation
Small Scale Hydro
Small Scale Wind Turbine
Solar PV
Solar Water Heating
Solid Wall Insulation
Tanks & Pipes Insulation


* Not suitable for all construction types