Reliance Bank has increased its LTV banding from 90% to 95% LTV percentage share for its shared ownership scheme mortgage range and continue to offer cashback incentives of £850 for both shared ownership mortgage and key Reliance Bank has launched its new mortgage product range to both the intermediary market and direct applicants.
The bank has withdrawn its three and five-year fixed rate products and now only offers a two-year fixed rate mortgage product.
It has also increased its LTV banding from 90% to 95% LTV percentage share for its shared ownership scheme mortgages.
Shared ownership mortgage products can be used for first-time buyers / Home movers / remortgage cases / staircase to full ownership.
The bank has maintained its £850 cashback offer on both key worker and shared ownership mortgages.
For its headline key worker 4.25% two-year fixed rate, the bank has introduced a £1,495 product fee as opposed to its standard £995 product fee. Product fees can be added to the loan or paid upfront; the bank will not allow LTV limits to be exceeded when product fee has been added to the loan.
Gareth Byrne (pictured), head of mortgages at Reliance Bank, said: “We have improved its rates and increased its LTV banding from 90% to 95% LTV percentage share for the shared ownership scheme mortgages as well as maintaining its cashback incentives for both shared ownership and key worker mortgage completions. This helps to demonstrate its continued commitment to deliver a positive social impact.”
