Reliance Bank improves residential mortgage product range

It has launched a new five-year fixed mortgage

Reliance Bank improves residential mortgage product range

Reliance Bank has announced the launch of its new residential mortgage product range, available both to the intermediary market and direct to customers.

The mortgage lender said it has included a new house purchase and remortgage five-year fixed rate to its residential mortgage product range, subject to a minimum loan amount of £125,000.

It has also introduced a minimum qualifying loan amount of £125,000 for key worker mortgages, and £75,000 for shared ownership mortgages.

Reliance maintained an £850 cashback incentive for all shared ownership mortgage completions for customers borrowing £75,000 or more, and for key worker mortgage completions for customers borrowing £125,000 or more.

For both the shared ownership mortgage and key worker mortgage, the cashback amount is paid within 60 days of the date that the mortgage is completed with Reliance Bank.

Cashback does not apply to cases where the borrowing amount is less than the £75,000 qualifying loan amount for shared ownership mortgage, and less than the £125,000 qualifying loan amount for key worker mortgage.

Gareth Byrne, head of mortgages at Reliance Bank, said that the bank’s residential mortgage range was designed to have a positive social impact.

“That’s why I am delighted that we continue to provide cashback incentives for both shared ownership mortgage completions and key worker mortgage completions,” he said.

LATEST NEWS