Reliance Bank has launched a new key worker mortgage range to both the intermediary market and direct to consumers.
A cashback offering £850 has now been aligned across key worker mortgages. It will be paid to the applicants within 60 days of date of completion
The minimum qualifying loan amount for Reliance Bank’s 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.
The product fees remain at £995 and can be either paid upfront or added to the borrowing. 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.
The main rates are as follows:
- Key Worker Mortgage – two-year fixed up to 75% with arrangement fee – 5.30%
- Key Worker Mortgage – two-year fixed up to 75% with no arrangement fee – 5.85%
- Key Worker Mortgage – two-year fixed up to 90% with arrangement fee – 6.50%
- Key Worker Mortgage – two-year fixed up to 90% with no arrangement fee – 6.79%
- Key Worker Mortgage – three-year fixed up to 75% with arrangement fee – 5.25%
- Key Worker Mortgage – three-year fixed up to 75% with no arrangement fee – 5.84%
Gareth Byrne (pictured), head of mortgages for Reliance Bank, 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.”
