Reliance Bank cuts shared ownership rates by up to 0.50%

Reliance Bank has reduced rates on its shared ownership mortgage range by up to 0.50%.

Two-year fixed rates have reduced by between 36-50bps and now start from 4.45% up to 90% of share with a £995 fee or 4.75% fee-free. Up to 95% of share, rates start from 5.20% with a fee and 5.50% fee-free.

As part of the new range, all product end dates have been set to the end of July and Reliance's cashback offering has now been aligned across shared ownership to be set at £850.

The minimum qualifying loan amount for shared ownership remains at £75,000. All products are portable and allow for 10% overpayments per calendar year without ERCs.

Gareth Byrne, head of mortgages at Reliance Bank, said: “We have significantly improved our rates to help those using the UK Government’s shared ownership scheme. And we continue to offer cashback incentives for those utilising the shared ownership mortgage product range. This helps us deliver positive social impact.”