Reliance Bank Ltd are excited to announce the launch of our NEW Product Range to both the Intermediary market and Direct Channel. These products are attached and are for both New Lending & Product Transfer.
The Key updates are as follows:
- Maintained our headline rates across Shared Ownership Product Range / Key Worker Product Range / Shared Ownership Product Transfer Range / Product Transfer Range
- Minimum Loan amount for Shared Ownership Range remains at £75,000 and minimum share remains at 25% of the full market value
- Shared Ownership Scheme Mortgage products can be used for First Time Buyers / Home movers / Remortgage Cases / Staircasing
- We DO NOT have any occupation restrictions for Shared Ownership Product Range
- Please refer to the attached Key Worker Acceptable Occupation List – this is only appliable for the Key Worker Product Range
- The End Date across this product range is 31st October 2026
- We have maintained an £850 cash back offer. This will be paid within 60 days of completion
- We now apply at £35 Transfer of Funds Fee – which the applicant will need to pay to the Bank when the Conveyancer has submitted the Report on Title
- We have Introduced a £99 Non refundable Application Fee on Selected Products – please refer to the attached product sheets
- Product Fees – can be added to the loan or paid upfront. Please note the Maximum LTV limit cannot be exceeded if product fee is being added
Reminder – Improved AIP process
We wanted to also take this opportunity to remind you that following your feedback, we have launched a simplified AIP process. We are now able to provide an Agreement in Principle over the telephone once a successful affordability assessment has been conducted. As part of this change, the Agreement in Principle letter is now valid for 30 days from date of issue. Please note that a credit search will not be produced at this stage.