The changes which apply from 3 March include a fee-free house purchase product at 90-95 per cent loan to value (LTV) which has been reduced by 0.8 per cent to 5.14 per cent.
The two-year fixed equivalent has been reduced by 0.1 per cent to 5.74 per cent.
Elsewhere, the five-year fix at 60 per cent LTV with a £995 fee has been cut by 0.3 per cent to 4.09 per cent. The corresponding option at 75 per cent LTV has been reduced by the same amount to 4.14 per cent.
Changes have also been made to the two-year fixed purchase range up to 95 per cent LTV, two and five-year fixed remortgages and two and five-year fixed product transfer deals.
Reliance Bank updates range
Reliance Bank has made a series of changes to its mortgage range including the increase of its cashback from £500 to £850.
The lender does not offer free legals and it charges for valuations.
Cashback does not apply to key worker mortgages where the loan is less than £125,000 or shared ownership mortgages where the loan is less than £75,000.
Reliance Bank has also temporarily removed its five-year fixes and replaced them with three-year fixes, which it said was a “statistical decision”.
There are now key worker options for first-time buyers, purchase and remortgage purposes up to 90 per cent LTV.
Its tracker products are available for first-time buyers, purchase and remortgage up to 75 per cent LTV and tracks the lender’s own base rate which is currently 3.5 per cent.
Reliance Bank has also made changes to its broker registration process and now only asks for proof of professional indemnity insurance, a due diligence checklist and signed broker terms of business agreement.
Gareth Byrne, head of mortgages for Reliance Bank, said: “We have improved our rates and service levels and simplified our broker registration process. And this product range sees us increase our cashback incentives for both key worker mortgage completions and shared ownership mortgage completions. This helps to continue our positive social impact.”
