Reliance Bank has launched a key worker mortgage product range, designed to support home ownership amongst a number of essential key worker occupations within the UK.
One of the products in the range has a 90% loan-to-value (LTV).
The following account features apply to the standalone range for new and existing customers: a 5-year fixed rate; two distinct LTV bandings – up to 75% and up to 90%; free basic mortgage valuation for first-time buyers; fee and no-fee product options; and product fees can be added to the borrowing amount for customers not wishing to pay upfront.
The up to 75% LTV product can be utilised for both house purchase and remortgage lending customers.
One party must be currently employed in one of the qualifying occupations to be able to access this product offering
This product cannot be utilised for Shared Ownership, Right to buy schemes or Help to Buy schemes.
Reliance Bank anticipates that demand will be high, and has therefore warned that this product range could be withdrawn at any time.
Gareth Byrne, head of mortgages at Reliance Bank, said: “I am pleased that we have been able to launch this new exciting proposition to the UK mortgage marketplace.
“We are keen to help key workers who are looking to purchase or remortgage their own home.
“We see this as another step in our ongoing journey to provide a positive social impact.”