Reliance Bank is now able to accept gifted deposits from family and friends where the source of funds are from the UK.
In addition, the bank has increased its cashback incentives to £850 for both key worker mortgage completions and shared ownership mortgage completions.
Reliance Bank will no longer offer five-year fixed rate mortgages but has refreshed its product range to include two-year fixed rates, two-year tracker rates and three-year fixed rate products. First-time buyers can access all of these products.
Cashback has increased from £500 to £850, with the key worker mortgage cashback incentive amount is paid within 60 days of the date that the mortgage completes with Reliance Bank. Cashback does not apply to cases where the borrowing amount is less than the £125,000 qualifying loan amount. The shared ownership mortgage cashback incentive amount is paid within 60 days of the date that the mortgage completes with Reliance Bank. Cashback does not apply to cases where the borrowing amount is less than the £75,000 qualifying loan amount.
Key Worker rates are available to first-time buyers and for house purchases, remortgages and unencumbered cases. The maximum LTV is 90%.
Key Worker Occupations – please see a list of qualifying occupations on its website
The tracker range is available to first-time buyers and for house purchases, remortgages and unencumbered cases, but the maximum LTV is 75%. The headline rate is a percentage above Reliance Bank’s Base Rate (RBBR), currently 3.50% and not Bank of England’s base rate. RBBR will be increasing to 4.00% on 01/04/2023.
With this improved broker registration process, the bank’s mortgage operations team now only asks for proof of professional indemnity insurance, a simplified due diligence checklist and signed broker terms of business agreement.
Gareth Byrne (pictured), head of mortgages for Reliance Bank, said: “We have improved its rates and service levels and simplified its broker registration process. And this product range see us increase its cashback incentives for both key worker mortgage completions and shared ownership mortgage completions. This helps to continue its positive social impact.”