Reliance Bank has revamped its key worker mortgage product range by cutting rates, introducing cashback and lifting its loan-to-value ratio for remortgages to 90% from 75%.

The lender, which was founded by the Salvation Army, has also boosted the cashback it offers across its shared ownership range to £850.

Its key worker range includes a two-year fixed-rate mortgage at 3.65% at 95% LTV, with no fee and £850 cashback. This rate was 3.85% and did not offer cashback.

And a five-year fixed-rate loan at 3.85% at 95% LTV, with no product fee and £850 cashback. This rate was 3.95%, covered only house purchases and did not offer cashback.

The firm says remortgages are available on the above terms, but at up to 90% LTV.

The lender’s share ownership range includes a two-year fixed-rate loan at 3.47% at 95% LTV, with a £995 fee and £850 cashback. This rate was 3.95%.

It also has a five-year fixed-rate deal at 3.89%, with no fee and £850 cashback. This rate was 4.25%.

Reliance Bank says those qualifying for key worker loans are: NHS workers – including dentists, Police officers – including PCSO officers, care professionals, firefighters, prison officers, teachers, charity workers, Salvation Army employees, Transport for London and other transport workers, or work in the postal service – excluding couriers.

Reliance Bank head of mortgages Gareth Byrne says: “I am really proud how Reliance Bank remains committed to helping Key Workers, by reducing a number of headline interest rates across our key worker mortgage product range as well as introducing a new cashback offering to help support them with costs.

“These moves are specifically designed to help those who have low deposits to get onto the housing ladder, as we continue to see the cost of housing increase.

“And, for those customers who are looking to buy their home under the shared ownership scheme with a Housing Association where we are now able to offer an improved cashback offering to help towards costs, and the bank has reduced a number of interest rates for those who are looking to put down 5% or 10% personal deposits.

“These moves make it easy to recognize how we are looking to make a positive social impact to these sectors of the UK mortgage market and refine our proposition.”

The lender was formed in 1890 as the Salvation Army Deposit Bank, and still donates up to 75 per cent of its profits to The Salvation Army International to support its evangelical and charitable work.