I am delighted to provide you the rate sheets for Reliance Bank’s NEW Mortgage Product Range, which will go live on Tuesday 17th May 2022

Please note the following changes at high level under each product range – however all end dates  will now be aligned to reflect the following;

 

  • 2 year fixed rates = product rate is fixed until 30/09/2024
  • 5 year fixed rates = product rate is fixed until 30/09/2027

ALL Products are PORTABLE

Shared Ownership

 

  • Rates have been adjusted across the board
  • We have decided to withdraw a 5yr fixed rate product between 90% – 95% of the share
  • We have maintained the cash back of £850 – which would be paid within 60 days POST COMPLETION
  • We have INCREASED the minimum loan size from £50,000 to £75,000 (THIS IS FOR NEW LENDING ONLY AND DOES NOT APPLY TO SHARED OWNERSHIP PT RANGE)
  • We have MAINTAINED that the minimum share that can be purchased is 25%
  • MAINTAINED a 95% of the share product for those who have a low deposit

Vanilla Range

 

  • Minimum loan size has been introduced across the product range – this is £125,000
  • Re introduced non keyworker products as part of RBL Proposition
  • 5yr fixed rate ONLY
  • Available for House Purchase + Remortgage
  • Capped at 75% LTV Maximum
  • Provided a fee + no fee solution

Keyworker Range

 

  • Repriced our Key worker across the entire product range
  • Introduced new banding for 5yr fixed rate products so there is now 3 tiers in terms of pricing according to LTV Risk
  • Cashback Has been aligned across the entire keyworker range to £850 – which is paid within 60 days of completion
  • Minimum loan size has been introduced across the product range – this is £125,000
  • Provided a 95% LTV option
  • Provided an improved list of occupations that would qualify for this product range – MAINTAINED that ONLY 1 applicant has to be a keyworker to qualify for product

Product Transfer Range

 

  • PT Range has been re priced
  • MAINTAINED a NO FEE commitment to help existing customers
  • MAINTAINED that PTs can be completed via Brokers with PROC Fees of 0.20% of loan size at the time of PT taking place (of which 0.02% goes to the mortgage club/payment route)
  • MAINTAINED a standard PT range + a Shared Ownership PT range solution to factor into the pricing risk for Shared Ownership mortgages