Reliance Bank Ltd are excited to announce the launch of our NEW Shared Ownership Mortgage Product Range to both the Intermediary market and Direct Channel with rate reductions across the board.
|
Product Name |
Term | LTV % | Fee or
No Fee |
Old Rate
(Jan 2024) |
New Rate
(Feb 2024) |
Amount of Reduction | £ Cash back |
| Shared Ownership Range | 2 year fixed | up to 90% of share | £995
|
4.89% | 4.45%
|
0.44% | £850 |
| Shared Ownership Range | 2 year fixed | up to 90% of share | No fee | 5.25% | 4.75% | 0.50%
|
£850 |
| Shared Ownership Range | 2 year fixed | up to 95% of share | £995
|
5.65% | 5.20% | 0.45% | £850 |
| Shared Ownership Range | 2 year fixed | up to 95% of share | No fee | 5.86% | 5.50%
|
0.36% | £850 |
The Key updates are as follows:
- Minimum Loan amount 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
- The End Date across this product range is 31st July 2026
- We have maintained an £850 cash back offer. This will be paid within 60 days of completion
- 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
New AIP process
Following your feedback, we have launched a simplified AIP process. The aim of this is to reduce the time taken to provide you with an Agreement in Principle. I am pleased to announce 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.