Reliance Bank repriced again and offer a Cashback incentive of £850 on Key Worker Mortgage completions.
Reliance Bank are keen to help Key Workers own a home so we are excited to launch a new Key Worker Mortgage range to both the Intermediary market and Direct.
The key rates are shown below:
• Key Worker Mortgage – 2 year fixed up to 75% with arrangement fee – 5.30%
• Key Worker Mortgage – 2 year fixed up to 75% with NO arrangement fee – 5.85%
• Key Worker Mortgage – 2 year fixed up to 90% with arrangement fee – 6.50%
• Key Worker Mortgage – 2 year fixed up to 90% with NO arrangement fee – 6.79%
• Key Worker Mortgage – 3 year fixed up to 75% with arrangement fee – 5.25%
• Key Worker Mortgage – 3 year fixed up to 75% with NO arrangement fee – 5.84%
The key highlights are as follows:
- All product end dates have been set to the end of February – for 2yr products this is the 28/02/2026 and for 3yr products this is 28/02/2027 (remember our products are not for 24 / 60 monthly payments – we always work to an end date)
- Cashback offering has now been aligned across Key Worker to be set at £850 – again, this cashback will be paid to the applicants within 60 days of date of completion
- Minimum qualifying loan amount for Key Worker and standard product Range remains at £125,000
- All products are portable
- All products allow for 10% overpayment per calendar year without ERC being charged
- Product Fees remain at £995 and can be either paid upfront or added to the borrowing – Importantly if the product fee is added to the total loan it cannot exceed the LTV threshold for the product
- 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
- Principle Loan amounts have to be in multiples of £50
- Early Repayment Charge treatment remains unchanged – please refer to rate sheets
Gareth Byrne, Head of Mortgages for Reliance Bank Ltd said: “We have improved our rates to help Key Workers own a home. And this product range continues to offer cash back incentives for Key Worker Mortgage completions. This helps us deliver 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.
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. Reliance Bank Limited, Faith House, 23 – 24 Lovat Lane, London EC3R 8EB. Telephone: 0207 398 5400.
