Reliance Bank has launched an updated product range for intermediaries and direct applicants, increasing its loan-to-value (LTV) banding from 90% to 95% percentage share for its shared ownership range.
The bank also withdrew its 3-year and 5-year deals from market, focusing solely on its 2-year fixed rate mortgage product.
The end date for all fixed rate products is now 31/10/2025.
The bank maintained its £850 cash back offer on both key worker and shared ownership mortgages.
The cash back incentive is paid within 60 days of the completion date, and does not apply where the borrowing amount is less than £125,000.
The headline rate for Reliance Bank’s 2-year deal is 4.25%, with a £1,495 fee, up from £995.
Its shared ownership mortgage products can be used for first-time buyers, home movers, remortgage cases and as a staircase to full ownership.
In order to qualify for the key worker product, at least one applicant must be employed in a qualifying occupation.
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.”
