Reliance Bank has repriced its mortgage offerings, introducing a new Key Worker Mortgage range, available to both the Intermediary market and directly to consumers.
Aimed at assisting key workers in their pursuit of homeownership, the bank has taken steps to make home buying more affordable for this essential group.
The revamped mortgage rates include a 2-year fixed rate for loans up to 75% loan-to-value (LTV) with an arrangement fee set at 5.30% and one without an arrangement fee at 5.85%.
For those seeking higher LTVs, up to 90%, the rates are 6.50% with an arrangement fee and 6.79% without. For longer terms, a 3-year fixed rate up to 75% LTV is available at 5.25% with an arrangement fee and 5.84% without.
Key attributes of these mortgage products encompass set product end dates, with 2-year products ending on 28th February 2026 and 3-year products on 28th February 2027.
Notably, the bank has aligned its cashback offer across the Key Worker range, providing £850 to be paid to the applicants within 60 days of the completion date.
The minimum qualifying loan amount continues to be £125,000. All products come with portability, allowing for a 10% overpayment per calendar year without any early repayment charge.
Product fees are consistent at £995, which can be either paid upfront or added to the borrowing.
However, if added to the loan, it shouldn’t exceed the LTV threshold for the chosen product. Additionally, mortgages catering up to 90% LTV can serve both purchase and remortgage applications.
Gareth Byrne (pictured), head of mortgages for Reliance Bank Ltd, emphasised the bank’s commitment, saying: “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.”
