Reliance Bank refreshes range and reduces rates for key workers

Jake Carter

September 1, 2021

mortgage prices

Reliance Bank has made a series of amendments to its range of products for both the intermediary and direct mortgage market.

Notable changes include the introduction of an improved £850 cashback incentive for all shared ownership mortgage applications where the customer is looking to borrow £50,000 or more.

It has also reduced the headline rates across its shared ownership mortgage product range, as well as extended the end date to 30 November.

The lender has made a number of rate reductions for its key worker mortgage product range across selected higher loan-to-value (LTV) products and introduced a cashback incentive for all key worker mortgage applications where the customer is looking to borrow £150,000 or more.

As well as this, it has increased the maximum LTV for remortgage applications for key workers, from 75% to 90% LTV, and simplified its product proposition, but reduced the number of products it offers as well as simplifying its products bandings.

Gareth Byrne, head of mortgages for Reliance Bank, said “This latest range of products that Reliance Bank are offering via our intermediary and direct channels are designed to illustrate exactly which type of customers Reliance Bank want to help and support with in the residential mortgage market sector.

“I am really proud how Reliance Bank remains committed to helping key workers, by reducing a number of headline interest rates across our Key Worker Mortgage product range as well as introducing a new cash back offering to help support them with costs.

“These moves are specifically designed to help those who have low deposits to get onto the housing ladder, as we continue to see the cost of housing increase.

“And, 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 an improved cash back offering to help towards costs, and the bank has reduced a number of interest rates for those who are looking to put down 5% or 10% personal deposits.

“These moves make it easy to recognize how we are looking to make a positive social impact to these sectors of the UK mortgage market and refine our proposition.”

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