Reliance Bank has refreshed its range of home loans for the middle and direct market, but retains cash back incentives for key workers and condominium completions.
The specialist lender adds that it will accept gifted deposits from family and friends when the source of funds is from the UK.
It says key worker applicants will receive £400 cash back within 60 days of the mortgage completion date. Cash back does not apply where the loan amount is less than the eligible loan amount of £125,000.
Key Worker products offering up to 90% loan to value can be used for both purchase and remortgage applications.
Jobs the bank classifies as key workers include NHS staff, teachers, charity workers, firefighters, transport staff and postal workers (excluding couriers).
Condominium applicants receive a rebate of £850 within 60 days of the mortgage completion date. Cash back does not apply where the loan amount is less than the eligible loan amount of £75,000.
The company says all end dates have been extended to November 30 – November 30, 2024 for all two-year fixed rate products and November 30, 2027 for all five-year fixed rate offerings.
He adds that if a product fee is added to the loan amount, the total loan amount cannot exceed the LTV of the product.
The minimum loan amounts for the bank’s products remained unchanged, as did its treatment of prepayment charges.
It does not offer free valuations or free legal fees.
Gareth Byrne, head of mortgages at Reliance Bank, said: “It’s good to be back in the market after a period of improving service levels.”