Reliance Bank is launching a new Key Worker Mortgage range to both the intermediary market and direct to consumer.
The new rates are shown below:
- Key Worker Mortgage – 2 year fixed up to 75% with £1,499 arrangement fee – old rate 30% reduced to 4.99%
- Key Worker Mortgage – 2 year fixed up to 75% with no arrangement fee – old rate 85% reduced to 5.29%
- Key Worker Mortgage – 2 year fixed up to 90% with arrangement fee – old rate 50% reduced to 5.20%
- Key Worker Mortgage – 2 year fixed up to 90% with no arrangement fee – old rate 79% reduced to 5.70%
- Key Worker Mortgage – 3 year fixed up to 75% with arrangement fee – old rate 25% reduced to 5.01%
- Key Worker Mortgage – 3 year fixed up to 75% with no arrangement fee – old rate 84% reduced to 5.29%.
All product end dates have been set to the end of February (two-year products is 28/02/26 and three-year products is 28/02/27).
The cashback offering has now been aligned across Key Worker to be set at £850. This cashback will be paid to the applicants within 60 days of date of completion.
The minimum qualifying loan amount for Key Worker and standard product Range remains at £125,000.
All products are portable and allow for 10% overpayment per calendar year without ERC being charged.
Reliance Bank has one product fee at £1,499 and all other product fees remain at £995 and can be either paid upfront or added to the borrowing.
Gareth Byrne (pictured), head of mortgages for Reliance Bank, said: “We have significantly 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.”
