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Reliance Bank refresh their Mortgage range

We have also increased our Cash Back incentives to £850 for both Key Worker and Shared Ownership Mortgage completions and improved our Broker Registration Process

National average asking rents hit a new record* people are struggling to save a deposit to buy a property. In order to help people who are struggling to save for a deposit, Reliance Bank is able to accept gifted deposits from family and friends where the source of funds are from the UK. Not only that, we have increased our Cash Back incentives to £850 for both Key Worker Mortgage completions and Shared Ownership Mortgage completions. This means that Reliance Bank can help people who would not ordinarily be able to get on the property ladder to buy their own home.

Reliance Bank Ltd are excited to announce the launch of their new Mortgage product range to both the Intermediary market and Direct.

The Key updates are as follows:

  • Reliance Bank no longer offer 5 year fixed rate mortgages.
  • We have refreshed our product range to include 2 year fixed rates + 2 year tracker rates + 3 year fixed rate products
  • Important: End dates – the 2 year deals expire 30/06/2025 and the 3 year deals expire 31/08/2026
  • FTB’s can access all of these products
  • Cash back – this has increased from £500 to £850 as we recognise that we do not offer free legals and charge a valuation fee
  • 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.
  • Key Worker rates – these products are available to FTB’s / House Purchases / Remortgages / Unencumbered cases. Max LTV is 90%
  • Key Worker Occupations – please see a list of qualifying occupations on our website
  • Tracker Range – available to FTB’s / House Purchases / Remortgages / Unencumbered cases. Max LTV is 75%. Headline rate is a % above Reliance Bank’s Base Rate (RBBR) currently 3.50% and NOT Bank of England’s base rate. RBBR will be increasing to 4.00% on 01/04/2023
  • All products are PORTABLE
  • Clients can repay up to 10% per calendar year without ERCs
  • Minimum qualifying loan amount for Keyworker + standard product Range remains at £125,000
  • All products are portable and allow for 10% overpayment per calendar year without ERC being charged
  • Product Fee for product transfers is £500 and must be paid upfront
  • Product Fee remains at £995 for Purchase/Remortgage which can be added to the loan as long as the total LTV does not exceed the LTV threshold ie. 75% or 90%

We have Improved our Broker Registration Process
We have listened to your feedback and introduced a quicker and simpler Broker Registration Process to help brokers to onboard with Reliance Bank.

RBL Mortgage Operations Team now ask for the following items only:
1. Proof of Professional indemnity insurance
2. Simplified due diligence checklist and
3. Signed broker terms of business agreement.

We only register at firm or network level depending on whether you are Directly Authorised or an Appointed Representative.

Reliance Bank Mortgage Operations Team now have ownership of the Broker Registration Process which gives us more control and will help improve the onboarding experience.

Gareth Byrne, Head of Mortgages for Reliance Bank Ltd said: “We have improved our rates and service levels and simplified our Broker Registration Process. And this product range see us increase our cash back incentives for both Key Worker Mortgage completions and Shared Ownership Mortgage completions. This helps to continue our 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: mortgages@reliancebankltd.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.

References:
*National average asking rents outside London have hit a new record, now £1,172 per calendar month (pcm). London also reaches a new record asking rent of £2,480 pcm and inner London rents surpass £3,000 pcm for the first time. Source: Rightmove Rental Price Tracker Q4 2022.

The Salvation Army

We are proud to be the bank of The Salvation Army International. Find out more about our shared history.

We are proud to be the bank of The Salvation Army International. Find out more about our shared history.

Reliance Bank Limited,
Faith House,
23 - 24 Lovat Lane,
London,
EC3R 8EB

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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 Prudential Regulation Authority and the Financial Conduct Authority.

Financial Services Register number 204537. Member of the Financial Services Compensation Scheme (FSCS)

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