The new mortgages have been designed to support home ownership amongst a number of essential key worker occupations within the UK and form part of the lender’s ongoing drive to provide a positive social impact.

Indeed, Reliance said – along with its Shared Ownership Mortgage Product range – the Key Worker Mortgage products demonstrated the lender’s continued commitment to supporting financial inclusion within society.

Gareth Byrne, head of mortgages for Reliance Bank said: “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.”

Reliance Bank said it expected a high demand for the 90% LTV product and therefore warned it could be withdrawn at any time.

It urged brokers to regularly check its website to check its availability and also reminded them an AIP did not secure a formal mortgage offer.

In order for the rate to be secured, the mortgage application would have needed to progress to Full Mortgage Application stage (FMA), Reliance said.

Reliance Bank has been involved in socially responsible banking since 1890, when it was formed by William Booth the founder of The Salvation Army.