Reliance Bank’s recent launch is available both to intermediaries and direct to customers. It is available for house purchase and remortgage and is subject to a minimum loan of £125,000. The rate for the fee-free option is 2.84 per cent while the £995 fee-paying option is priced at 2.45 per cent. The product is available at 75 per cent loan to value (LTV).
It has also introduced a minimum qualifying loan amount of £125,000 to its key worker mortgages and increased its minimum qualifying loan to £75,000 for shared ownership. Both ranges come with £850 cashback across the board, paid within 60 days of completion.
Gareth Byrne (pictured), head of mortgages for Reliance Bank said: “Our residential mortgage range is designed to have a positive social impact, that’s why I am delighted that we continue to provide cash back incentives for completions.”
Santander is introducing a first-time buyer (FTB) exclusive range, which offers £500 cashback, and reintroducing £250 cashback to selected purchase, new build and Help to Buy deals. Selected fixed rates have also been reduced by either 0.05 per cent or 0.1 per cent.
The FTB exclusive range provides two and five-year fixed rates at 85 and 90 per cent LTV, with or without a £999 fee.
Rates at 85 per cent LTV sit at between 2.64 per cent for the two-year fix with the fee, and 2.99 per cent for the five-year fix with no fee.
The 90 per cent LTV products start at 2.69 per cent for the two-year fix with the £999 fee, and hit 3.04 per cent for the five-year fix without a fee.
Completion deadlines have been rolled on to 5 October for product transfers, 4 November for remortgages, and 30 November 2022 for purchases.
Virgin Money is withdrawing three products from its exclusive range at 8pm today.
The products facing the chop are its 90 per cent LTV five-year fixed rate with £495 fee, its buy to let five-year fixed rate at 60 per cent LTV with a £1,295 fee, and it’s buy to let 75 per cent LTV five-year fixed rate with a £1,295 fee.
All other product rates will remain unchanged.