Reliance Bank has cut rates across its key worker mortgage product range and made improvements to its shared ownership offering.

The most significant reduction in the two-year fixed suite is the 90% LTV to 95% LTV product with £995 fee, which has had 50 basis points removed to give a new rate of 2.95%.

The changes here also include the 90% LTV fix with £995 fee receiving a 49 basis point cut, making for a rate of 2.60%.

And in the five-year fixed rate set of products, the 75% LTV to 90% LTV with zero fee has had a 74 basis point reduction, giving a new rate of 2.95%.

Additionally, the end date for these products has been extended from 30 September to 31 October.

Within the lender’s shared ownership products, £250 cashback has been introduced across the range and here too the end date has been extended from 30 September to 31 October.

Reliance Bank head of mortgages Gareth Byrne says: “I am really proud that the bank remains committed to helping key workers as well as those who are looking to get onto the housing ladder through the shared ownership scheme.

“We are looking to help more people onto the housing ladder as well as 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.”