We are excited to launch our new Shared Ownership Mortgage range to both the Intermediary market and Direct.

The key rate is shown below:

• Shared Ownership Mortgage – 2 year fixed up to 90% of the share with arrangement fee – 5.10%

Our Shared Ownership Mortgages help:
• First time buyers get on the ladder
• Next time buyers buy a new home
• People remortgage to Reliance Bank from other lenders
• People to staircase to full ownership
• We can lend upto 95% of the share that they are looking to own.

The key highlights are as follows:

• All product end dates have been set to the end of February – for 2yr products this is the 28/02/2026 (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 of date of completion
• Minimum qualifying loan amount for Shared Ownership and standard product range remains at £75,000
• Minimum share is 25% of the full market value of the property
• All products are portable
• All products allow for 10% overpayment per calendar year without ERC being charged
• 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 improved our rates to support people who wish to own their property with the UK Government’s Shared Ownership Mortgage scheme. And this product range continues to offer cash back incentives for Shared Ownership Mortgage completions. 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 4 months from date of issue and
• All our Formal Mortgage Offers are valid for 6 months from date of issue

To place business with us call our Mortgage Team on 0207 398 5422 and select option 1 – New Business and applications currently in progress.

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 Key Worker Mortgages and 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.