Reliance Bank launches new Key Worker Mortgage products and improves Shared Ownership product range

The new product range has been designed to reflect the recent changes in the mortgage market…

Reliance Bank has announced the launch of a range of new mortgage products to the intermediary and Direct mortgage market. The Bank has taken this opportunity to make a number of enhancements and improvements following feedback from our intermediary partners.

The new product range has been designed to reflect the recent changes in the mortgage market. Reliance Bank are delighted to continue to show support for key workers, through our dedicated Keyworker product range, where the Bank has made a number of headline interest rate reductions for those Keyworkers who have smaller deposits.

The Bank have also taken the opportunity to provide further support to those customers who are looking to own their home through the Shared Ownership scheme by utilizing our Shared Ownership product Range by introducing a £250 cash back, which will be paid to the customer within 60 days of them completing on their mortgage with us.

The Bank continues to offer the FREE basic mortgage valuation incentive for Remortgages with properties valued up to £750,000. As well as a £500 cash back for these applications. (staircasing + Shared Ownership Remortgage cases are excluded from the remortgage incentive).

Gareth Byrne – Head of Mortgages for Reliance Bank said “This latest range of mortgage products that Reliance Bank are offering via our Intermediary & Direct Channels are designed to help mortgage customers. Either by looking to help those keyworkers who have low deposits being able to get onto the housing ladder, as we continue to see the cost of housing increase. Or, for those customers who are looking to buy their home under the shared ownership scheme with a housing association where we are now able to offer a cash back to help towards costs. We have also maintained our current remortgage incentives too for customers who are looking to remortgage to ourselves from their current provider.

I am really proud that the Bank remains committed to helping Key Workers as well as those who are looking to get onto the housing ladder through the Shared Ownership scheme. We are looking to help more people onto the housing ladder as well as increase the number of people who are looking to Remortgage over to Reliance Bank, which is evident in the number of changes we have made to our mortgage product proposition.”

The main key changes:

* Cashback is paid within 60 days from date that the mortgage completes with Reliance Bank Ltd. Cashback does not apply to cases where borrowing amount is less than £50,000 qualifying loan amount.

** keyworker product range cannot be used in conjunction with any schemes, such as shared ownership or right to buy (RTB) and in order to qualify for a Reliance Bank Key Worker Mortgage Product at least one mortgage applicant must currently be employed in one of the qualifying occupations (see List of qualifying occupations for RBL Key Worker Mortgages which is on the Mortgage Support page).

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