Reliance Bank are launching a new Shared Ownership Mortgage range to both the intermediary market and Direct. The key highlights are as follows:
All product end dates have been set to the end of July – for 2yr products this is the 31/07/2026 (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 from date of completion.
Minimum qualifying loan amount for Shared Ownership Range remains at £75,000.
All products are portable and the minimum share is 25% of the full market value of the property.
All products allow for 10% overpayment per calendar year without ERC being charged and 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.
Commenting on the product launch Reliance head of mortgages Gareth Byrne said: “We have significantly improved our rates to help those using the UK Government’s Shared Ownership Scheme. And we continue to offer cash back incentives for those utilising the Shared Ownership Mortgage product range. This helps us deliver positive social impact.”
