Reliance Bank announces the launch of a new Mortgage Product range with special attention paid to key-workers ..
The Bank has taken this opportunity to increase the maximum loan amount for all the Key Worker Mortgage products as well as listening to our intermediary partners by adding a new 2 year fixed rate 90% LTV Keyworker Mortgage range. Please see our rate sheets on the Mortgage Support pages on the Reliance Bank website.
The new product range has also been designed to increase the level of Remortgage applications that are made to the Bank. We have added a new FREE basic mortgage valuation incentive for Remortgages with properties valued up to £750,000 to support the Bank’s desire to help more people Remortgage over to Reliance Bank (staircasing + Shared Ownership Remortgage cases are excluded).
Gareth Byrne – Head of Mortgages for Reliance Bank said “This latest range of products that Reliance Bank are offering via our Intermediary & Direct Channels are designed to help 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 Bank continues to support Key Workers with a range of mortgage requirements, and we have also listened to our intermediary partners with the introduction of a new 2 year fixed rate 90% LTV Keyworker Mortgage Exclusive product”.
The main key changes:
- Increased the £MAX Loan amount that can be applied across the entire Key Worker Mortgage product range
- Added a 2yr 90% Key Worker Mortgage Fixed rate deal
- Added Key Worker Next time buyer exclusive deals for 75%-90% LTV
- Added a new free basic mortgage valuation incentive for the Remortgage range and for remortgage applications in our Key Worker Mortgage range with properties valued up to £750,000 – Important note: staircasing and Shared Ownership cases are excluded from this
- Removed our Product Fees on our Remortgage Product Range
- Reduced a number of headline interest rates to help achieve a more balanced approach to our new Lending
- Removed First Time Buyer Product Range – FTB’s will be able to use the House Purchase Product Range (lending up to 75% LTV)
- Removed Free Valuation for First Time Buyer for standard / Keyworker / Shared Ownership product range
- Increased the headline interest rates on a selection of our Shared Ownership Range