Reliance Bank has today launched an updated five-year fixed Key Worker Mortgage Product range with loan to values up to 90 per cent.

Rates start at 1.49 per cent for up to 60 per cent LTV and 1.59 per cent up to 75 per cent LTV for both house purchase and remortgage. The product fee for both of these is £1,495 for loans from £50,000 to £500,000.

For LTVs between 75 and 90 per cent the rate is 3.6 per cent with no fee and a free basic mortgage valuation for first-time buyers. This is for loans from £50,000 to £250,000.

Reliance Bank anticipates demand will be high for the 90 per cent product and says brokers should regularly check its website as it could be withdrawn at any time.

If a couple are applying, one of them must be currently employed in one of the key worker qualifying occupations to be able to access this product.

Reliance Bank head of mortgages Gareth Byrne says: “I am pleased that we have been able to launch this new exciting proposition to the UK mortgage marketplace.

“We are keen to help key workers who are looking to purchase or remortgage their own home. We see this as another step in our ongoing journey to provide a positive social impact.”