"These moves are specifically designed to help those who have low deposits to get onto the housing ladder, as we continue to see the cost of housing increase."
The Bank has made a number of headline rate reductions for key workers with smaller deposits and has also introduced a new cashback offering for all key worker mortgages. Additionally, Reliance has increased the maximum LTV for key worker remortgages from 75% to 90%.
Across its shared ownership range, Reliance has introduced an improved £850 cashback incentive and has reduced rates across the entire shared ownership product range.
Gareth Byrne, head of mortgages for Reliance Bank, said: “This latest range of products that Reliance Bank are offering via our intermediary and direct channels are designed to illustrate exactly which type of customers Reliance Bank want to help and support with in the residential mortgage market sector.
"I am really proud how Reliance Bank remains committed to helping key workers, by reducing a number of headline interest rates across our key worker mortgage product range as well as introducing a new cashback offering to help support them with costs. These moves are specifically designed to help those who have low deposits to get onto the housing ladder, as we continue to see the cost of housing increase.
"And, for those customers who are looking to buy their home under the shared ownership scheme with a Housing Association, we are now able to offer an improved cashback offering to help towards costs, and the Bank has reduced a number of interest rates for those who are looking to put down 5% or 10% personal deposits.
"These moves make it easy to recognize how we are looking to make a positive social impact to these sectors of the UK mortgage market and refine our proposition.”
