Reliance Bank are keen to help people using the UK Government’s Shared Ownership Scheme so we are excited to launch a new Shared Ownership Mortgage range to both the Intermediary market and Direct.
The key rates are shown below:
| Product Name | Term | LTV | Fee or No Fee | New Rate (Feb 2024) | Amount of Reduction |
| Shared Ownership Mortgage | 2 year fixed | up to 90% | £995 arrangement fee | Reduced to 4.45%
|
0.44% |
| Shared Ownership Mortgage | 2 year fixed | up to 90% | No fee | Reduced to 4.75% | 0.50%
|
| Shared Ownership Mortgage | 2 year fixed | 90% to 95% | £995 arrangement fee | Reduced to 5.20% | 0.45% |
| Shared Ownership Mortgage | 2 year fixed | 90% to 95% | No fee | Reduced to 5.50%
|
0.36% |
The key highlights are as follows:
- All product end dates have been set to the end of July – for 2yr products this is the 31/07/2026 (remember our products are not for 24 / 60 monthly payments – we always work to an end date).
- Cashback offering has now been aligned across Shared Ownership to be set at £850 – again, this cashback will be paid to the applicants within 60 days from date of completion.
- Minimum qualifying loan amount for Shared Ownership Range remains at £75,000.
- All products are portable.
- Minimum share is 25% of the full market value of the property.
- All products allow for 10% overpayment per calendar year without ERC being charged.
- All product fees remain at £995 and can be either paid upfront or added to the borrowing – Importantly if the product fee is added to the total loan it cannot exceed the LTV threshold for the product.
- Shared Ownership Mortgage products for up to 95% LTV of the share can be used for First Time Buyer, Next time buyer, Remortgage and Staircasing applications.
- We do not offer free valuations or free legals – clients need to pay for these.
- Principle Loan amounts have to be in multiples of £50.
- Early Repayment Charge treatment remains unchanged – please refer to rate sheets.
Gareth Byrne, Head of Mortgages for Reliance Bank Ltd said: “We have significantly improved our rates to help those using the UK Government’s Shared Ownership Scheme. And we continue to offer cash back incentives for those utilising the Shared Ownership Mortgage product range. This helps us deliver positive social impact.”
Why choose Reliance Bank for mortgages?
• We offer a wide range of competitive mortgages – fair and flexible lending options for Key Workers, Shared Ownership, First Time Buyers, remortgagers and home movers
• We are a manual underwriting lender
• We credit search – not credit score
• We are transparent with our SLAs
• We carry out SOFT footprint for AIPs and HARD footprint for all Full Mortgage Applications
• You’ll get direct access to our Mortgage team and all cases are assigned to a mortgage underwriter and closely managed from AIP to completion
• All our AIPs are valid for 30 days from date of issue and
• All our Formal Mortgage Offers are valid for 6 months from date of issue
For more information on Reliance Bank, please visit: https://www.reliancebankltd.com/intermediary
To discuss anything mortgage related, and to ask for the password to the RBL Intermediary pages email us at: mortgages@reliancebankltd.com
To register with us call our Mortgage Team on: 0207 398 5422, and select option 1 or 2:
• Option 1 – New Business and applications currently in progress
• Option 2 – Existing Mortgage Enquiries
About Reliance Bank
Lending across England and Wales, the bank offers a full range of simple and flexible mortgages for First Time buyers, home movers and customers who want to re-mortgage. In addition, they also offer Shared Ownership Mortgages.
Mortgages with a Social Conscience
Reliance Bank know that money has the power to change lives for the better. In the right hands, it can be a force for good. That’s why our mortgage lending is designed to have a positive social impact.
Helping good people do great things with money
Reliance Bank has been at the forefront of socially responsible banking since 1890, when we were formed as the bank of The Salvation Army.
Reliance Bank are proud of its shareholder The Salvation Army International who help people whose lives have been affected by emergencies, disasters, poverty and social inequality.
Reliance Bank Limited. All rights reserved. Registered in England. Registration no. 68835. Reliance Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. Financial Services Register number 204537. Reliance Bank Limited, Faith House, 23 – 24 Lovat Lane, London EC3R 8EB.
