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Reliance launches key worker mortgage range including 90 per cent LTV deal

  • 19/10/2020
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Reliance launches key worker mortgage range including 90 per cent LTV deal
Reliance Bank is launching a range of mortgages to cater for key workers such as NHS staff, carers and teachers.


It includes a deal up to 90 per cent loan to value (LTV) but the lender warned that it expected demand to be “very high” and as a result this product could be withdrawn at any time.

“We expect to be really busy with product applications and we would ask brokers to regularly check our website because this product range could be withdrawn at any time, and also to remember that an application in principle does not secure a formal mortgage offer,” the lender said.

To secure the rate the mortgage application must progress to full mortgage application stage, with the lender then providing written confirmation to the customer and adviser.


Two LTV bands

There are two distinct LTV bandings for the range – up to 75 per cent and up to 90 per cent – on five-year fixed rate terms.

The up to 75 per cent LTV product can be utilised for house purchase and remortgage but the 90 per cent version is only for purchase only.

The 90 per cent LTV deal has a rate of 3.6 per cent, no product fee and maximum loan of £250,000 with five years’ early repayment charges.

The lower-LTV version is at 1.7 per cent with a £495 product fee and maximum loan of £350,000.

The lender is asking all advisers to contact it before submitting cases.

Reliance Bank head of mortgages Gareth Byrne (pictured) said: “I am pleased that we have been able to launch this new exciting proposition to the UK mortgage marketplace.

“We are keen to help key workers who are looking to purchase or remortgage their own home. We see this as another step in our ongoing journey to provide a positive social impact.”


In order to qualify at least one mortgage applicant must currently be employed in one of the qualifying occupations:

  • Salvation Army Employees
  • Police officers – including PCSO officers
  • NHS workers – including dentists
  • Care professionals
  • Fire fighters
  • Prison officers
  • Teachers
  • Charity workers
  • TFL and other transport workers – including those who are employed by other public transport organisations that cater for bus, train and tram transportation networks
  • Postal services – excluding couriers




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