"We have spent a period of time improving our service levels and simplifying our broker registration process."
Reliance Bank has announced a series of updates to its residential mortgage range, including refreshed products, cashback incentives for key worker and shared ownership completions, and an improved broker registration process.
In order to help people who are struggling to save for a deposit, Reliance Bank is now able to accept gifted deposits from family and friends where the source of funds are from the UK and has aligned cashback incentives at £500 for both key worker and shared ownership mortgage completions.
It has also launched a new mortgage product range to the intermediary market, pushing product end dates back to the end of February and expanding the occupation list for key worker mortgages.
All products are portable and allow for 10% overpayment per calendar year without ERCs. Key worker mortgage products for up to 90% LTV can be used for both purchase and remortgage applications.
In addition, product fees remain at £995 and can be either paid upfront or added to the loan.
Alongside the new range, Reliance has introduced a quicker and simpler broker registration process to help brokers to onboard with Reliance Bank.
The mortgage operations team will now only ask for proof of professional indemnity insurance, a simplified due diligence checklist, and signed broker terms of business agreement.
Reliance only registers at firm or network level depending on whether brokers are directly authorised or an appointed representative.
Reliance Bank says its mortgage operations team now have ownership of the broker registration process which gives it more control and will help improve the onboarding experience.
Gareth Byrne, head of mortgages for Reliance Bank, said: “We have spent a period of time improving our service levels and simplifying our broker registration process. And this product range see us maintain our cashback incentives for both key worker mortgage completions and shared ownership mortgage completions. This helps to continue our positive social impact.”
