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Reliance Bank reintroduces key worker mortgages up to 90 per cent LTV

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  • 01/12/2020
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Reliance Bank reintroduces key worker mortgages up to 90 per cent LTV
Reliance Bank is launching another tranche of its key worker mortgage range with deals available at up to 90 per cent loan to value (LTV).

 

The lender repeated its warning from October that it expected demand for the highest LTV bracket to be very high and that it could be removed at any time.

Three five-year products are available at 60 per cent, 75 per cent and 90 per cent LTV.

The two lowest LTV products at 1.49 per cent and 1.59 per cent respectively have fees of £1,495, are available for loans between £50,000 and £500,000 and can be used for purchase or remortgage.

The highest LTV deal has a rate of 3.6 per cent, is purchase only and fee free but is limited to a maximum loan of £250,000.

At least one borrower must be currently employed in one of the qualifying occupations to be able to access the deals and it cannot be used for Shared Ownership, Right to Buy, or Help to Buy.

Reliance Bank head of mortgages Gareth Byrne said: “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.”

 

 

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