The bank has increased the maximum loan amount for all of their key worker mortgage products and added a new 2-year fixed rate 90% LTV to the range.
The bank has added a free basic mortgage valuation incentive for remortgages with properties valued up to £750,000 to support the bank’s desire to help more people remortgage over to Reliance Bank.
Staircasing and shared ownership remortgage cases are excluded.
Other changes to selected ranges include the removal of product fees on their remortgage range and a reduction in the number of headline interest rates.
The bank have removed their first-time buyer product range, so first-time buyers will instead be able to use the house purchase product range which lends up to 75% LTV.
Reliance Bank have also removed free valuation for first-time buyers in their standard, key worker and shared ownership product ranges and increased the headline interest rates on a selection of their shared ownership range products.
Gareth Byrne, head of mortgages for Reliance Bank, said: “This latest range of products that Reliance Bank are offering via our intermediary and direct channels are designed to help increase the number of people who are looking to remortgage over to Reliance Bank, which is evident in the number of changes we have made to our mortgage product proposition.
“The bank continues to support key workers with a range of mortgage requirements, and we have also listened to our intermediary partners with the introduction of a new 2 year fixed rate 90% LTV key worker mortgage exclusive product”.
