Reliance Bank maintains Cash Back incentives for Key Worker Mortgage completions
At a time when national average asking rents hit a new record* people could be 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 continue to provide Cash Back incentives 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 our new Mortgage product range to both the Intermediary market and Direct.
The key highlights are as follows:
• Key Worker Mortgage applicants receive £400 Cash back within 60 days of the date of mortgage completion 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 applicants receive £850 Cash back within 60 days of the date of mortgage completion with Reliance Bank Ltd. Cash back does not apply to cases where the borrowing amount is less than the £75,000 qualifying loan amount
• All end dates have been extended to 30th November (30/11/2024 for all 2yr fixed rate products and 30/11/2027 for all 5yr fixed rate products)
• Key Worker Mortgage products for up to 90% LTV can be used for both Purchase and Remortgage Applications
• Key Worker Mortgages – please see the updated occupation list
• We do not offer free valuations or free legals – clients need to pay for these
• Minimum loan amounts for our products have remained unchanged
• IMPORTANT – If a product fee is being added to the loan amount then the total loan amount cannot exceed the LTV for the product
• Principle Loan amounts have to be in multiples of £50
• All products are portable
• Early Repayment Charge treatment remains unchanged – please refer to rate sheets
Gareth Byrne, Head of Mortgages for Reliance Bank Ltd said: “Its good to re-enter the market after a period of time spent improving service levels. I am pleased that we have maintained our cash back incentives for both Key Worker Mortgage completions and Shared Ownership Mortgage completions. This helps to further demonstrate how Reliance Bank’s mortgage lending is designed to have 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 click here
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 either of the numbers below:
020 7398 5422
020 7398 5423
About Reliance Bank
Lending across England and Wales, the bank offer 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 hit another new record of £1,126 per calendar month (pcm), rising 3.5% from last quarter and 11.8% higher than last year. London also sees new record average asking rents of £2,257 pcm, with annual growth now exceeding 15%, the highest ever annual rate of any region Source: Rightmove Rental Price Tracker Q2 2022.
