Reliance Bank increased LTV banding from 90% to 95% LTV percentage share for it’s Shared Ownership Scheme Mortgage range
And continue to offer Cash Back incentives of £850 for both Shared Ownership Mortgage and Key Worker Mortgage new applicant completions (these can be First Time Buyers, House Purchases, Remortgage cases and staircasing)
Reliance Bank Ltd are excited to announce the launch of their new Mortgage product range to both the Intermediary market and Direct applicants.
The Key updates are as follows:
• We now only offer a 2 year fixed rate mortgage product (we have withdrawn our 3yr + 5yr deals)
• The end date for all fixed rate products is now 31/10/2025
• We have increased our LTV banding from 90% to 95% LTV percentage share for our Shared Ownership Scheme Mortgages
• Shared Ownership Mortgage products can be used for First Time Buyers / Home movers / Remortgage Cases / Staircase to full ownership
• We have maintained our £850 cash back offer on both Key Worker and Shared Ownership Mortgages
• **Key Worker Mortgage Cash back incentive amount is paid within 60 days of the date that the mortgage completes with Reliance Bank Ltd. Cash back does not apply to cases where the borrowing amount is less than the £125,000 qualifying loan amount.
• *Shared Ownership Mortgage Cash back incentive amount is paid within 60 days of the date that the mortgage completes with Reliance Bank Ltd. Cash back does not apply to cases where the borrowing amount is less than the £75,000 qualifying loan amount.
Please note the following important points regarding our Key Worker Mortgages:
• These products can be used for First Time Buyers / Home movers / Remortgage Cases / Unencumbered Cases
• Headline rate – Please note that for our headline 4.25% 2yr fixed rate we have introduced a £1,495 product fee as opposed to our standard £995 product fee
• Product Fees – these can be added to the loan or paid upfront – Please note we will not allow LTV limits to be exceeded when product fee has been added to the loan
• Product Criteria – In order to qualify for our Key Worker Mortgage Product at least one mortgage applicant must currently be employed in one of the qualifying occupations – please see Key Worker Qualifying Occupations in the Mortgage Support pages
Gareth Byrne, Head of Mortgages for Reliance Bank said: “We have improved our rates and increased our LTV banding from 90% to 95% LTV percentage share for the Shared Ownership Scheme Mortgages as well as maintaining our cash back incentives for both Shared Ownership and Key Worker Mortgage completions. This helps to demonstrate our continued commitment to deliver a positive social impact.”
Why choose Reliance Bank for mortgages?
• We offer a wide range of competitive mortgages – fair and flexible lending options for Key Workers, Shared Ownership, First Time Buyers, remortgagers and home movers
• We are a manual underwriting lender
• We credit search – not credit score
• We are transparent with our SLAs
• We carry out SOFT footprint for AIPs and HARD footprint for all Full Mortgage Applications
• You’ll get direct access to our Mortgage team and all cases are assigned to a mortgage underwriter and closely managed from AIP to completion
• All our AIPs are valid for 4 months from date of issue and
• All our Formal Mortgage Offers are valid for 6 months from date of issue
For more information on Reliance Bank, please visit: https://www.reliancebankltd.com/intermediary
To discuss anything mortgage related, and to ask for the password to the RBL Intermediary pages email us at: email@example.com
To register with us call our Mortgage Team on: 0207 398 5422, and select option 1 or 2:
• Option 1 – New Business and applications currently in progress
• Option 2 – Existing Mortgage Enquiries
About Reliance Bank
Lending across England and Wales, the bank offers a full range of simple and flexible mortgages for First Time buyers, home movers and customers who want to re-mortgage. In addition, they also offer Key Worker Mortgages and Shared Ownership Mortgages.
Mortgages with a Social Conscience
Reliance Bank know that money has the power to change lives for the better. In the right hands, it can be a force for good. That’s why our mortgage lending is designed to have a positive social impact.
Helping good people do great things with money
Reliance Bank has been at the forefront of socially responsible banking since 1890, when we were formed as the bank of The Salvation Army.
Reliance Bank are proud of its shareholder The Salvation Army International who help people whose lives have been affected by emergencies, disasters, poverty and social inequality.
Reliance Bank Limited. All rights reserved. Registered in England. Registration no. 68835. Reliance Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 204537. Reliance Bank Limited, Faith House, 23 – 24 Lovat Lane, London EC3R 8EB. Telephone: 0207 398 5400.