Friday, May 7, 2021
Finance

Reliance Bank launches new key worker mortgage

mortgages

It has also added a new free basic mortgage valuation for remortgages of homes valued at up to £750,000

Reliance Bank has launched a new key worker mortgage, as well as increasing the maximum loan amount across its existing key worker products.

The lender has added a two-year key worker next time buyer exclusive deal, at a 3.59 per cent rate with a £995 product fee, or, 3.95 per cent without a fee.

It has lifted the maximum loan amount across each of its three key worker mortgage loan to value bands by £250,000. The maximum loan size of LTV up to 60 per cent lifts to £750,000, LTV up to 75 per cent also rises to £750,000, while LTV up to 90 per cent is now £500,000.

Among other changes, it has added a new free basic mortgage valuation for remortgages of homes valued at up to £750,000, as the firm seeks to boost its remortgage business.

Reliance Bank, on its website, says those qualifying for these 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.

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.

Reliance Bank head of mortgages Gareth Byrne says: 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.

He adds: 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 two-year fixed rate 90 per cent loan to value Keyworker mortgage exclusive product.

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