"We have improved our rates to help key workers own a home. And this product range continues to offer cash back incentives for key worker mortgage completions."
Reliance Bank has launched a new key worker mortgage range with lower rates and a new cashback incentive of £850.
Two-year fixed rates at 75% LTV now start from 5.30% with an arrangement fee and 5.85% fee-free, while 90% LTV two-year fixes start from 6.50% with a fee and 6.79% fee-free.
Three-year fixed rates at 75% LTV have reduced to 5.25% with a fee and 5.84% fee-free.
Product fees remain at £995 and can be either paid upfront or added to the borrowing.
Reliance Bank's cashback offering has now been aligned across the key worker range at £850, which will be paid to the applicants within 60 days of date of completion.
The minimum qualifying loan amount for key worker and standard product range remains at £125,000. All products are portable and allow for 10% overpayments per calendar year without ERCs
As part of the changes, all product end dates have moved to the end of February.
Gareth Byrne, head of mortgages at Reliance Bank, said: “We have improved our rates to help key workers own a home. And this product range continues to offer cash back incentives for key worker mortgage completions. This helps us deliver positive social impact.”
