Reliance Bank Ltd has launched a new mortgage product range that includes 2-year fixed rates, 2-year tracker rates, and 3-year fixed-rate products, all aimed at helping first-time homebuyers get on the property ladder.
The bank has increased its cash back incentives to £850 for both Key Worker and Shared Ownership Mortgage completions to help people who are struggling to save for a deposit.
The new mortgage product range is available to both the Intermediary market and Direct, with first-time buyers able to access all the products. The bank will no longer offer 5-year fixed rate mortgages, but clients can repay up to 10% per calendar year without Early Repayment Charges (ERCs).
Reliance Bank can now also accept gifted deposits from family and friends where the source of funds is from the UK. This is good news for those who are struggling to save for a deposit, and the increased cash back incentives mean that Reliance Bank can help people who would not ordinarily be able to get on the property ladder to buy their own home.
In addition to the new mortgage product range, Reliance Bank has improved its Broker Registration Process to help brokers onboard with Reliance Bank more quickly and easily.
The bank’s Mortgage Operations Team will now only ask for proof of professional indemnity insurance, a simplified due diligence checklist, and a signed broker terms of business agreement.
Gareth Byrne (pictured), head of mortgages for Reliance Bank Ltd, said: “We have improved our rates and service levels and simplified our Broker Registration Process.
“This product range sees 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.”
