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Progressive Building Society
Established in 1914 following the merger of three building societies in Northern Ireland, the Society remains mutual and is committed to remaining true to its vision of providing the means for local people to buy their own homes and now has 11 branches across Northern Ireland.
Currently two types of mortgages are offered - fixed rate and variable rate, they can be used to purchase new homes, re-mortgage, buy to let and the Society will also consider self build projects. You may be able to borrow up to 90% of the value of your home, although you will only be advanced a maximum of 70% if the property is an apartment or 75% if it is ex local authority housing. The minimum loan amount is £30,000 and the maximum is £500,000, the mortgage can be paid over 4 to 40 years but you must be over 18 and under 75 years of age when you apply.
Whatever mortgage product you choose there will some fees and charges, check with your advisor what they are as they will depend upon your choice of mortgage.
Progressive Building Society Mortgage Products
Variable mortgage: Different products are available to suit new buyers, re-mortgages, buy to let and self build. If you want to take advantage of a 90% advance then you will probably pay a premium above the Standard Variable Rate, for most other deposit amounts you will pay a discounted rate for the agreed timescale. Mortgage loans convert to the Society's Standard Variable Rate at the end of the premium or discount period.
Fixed rates: A fixed rate mortgage means that the interest rate will be set for an agreed period of time. This means that even if Bank of England interest rates are raised your mortgage interest rate and monthly repayments will stay the same. However, you need to keep in mind that if the variable rate falls, you could be paying more for your mortgage during the fixed rate period. You will be charged an interest rate that reflects how many years you choose to take the fixed rate for and the amount of deposit you can provide. Two, Three and Five year products are available for first time buyers, existing borrowers and those who plan to purchase an investment property.
If you are interested in a mortgage quotation including those offered by the Progressive Building Society please complete our quick enquiry form.
Progressive Building Society Mortgage Rates
|Mortgage Type||Initial Rate||Subsequent Rate||APR||Max LTV||Fees & Charges||Enquire Now|
|2yr Discounted Variable Rate||2.99% Variable||4.75% Variable||4.7%||70%||£995 Admin Fee plus minimum £250 Valuation Fee|
|5yr Fixed Rate||6.29% Fixed||4.75% Variable||5.90%||90%||£899 Booking Fee plus minimum £250 Valuation Fee|
|Self Build Variable Rate||4.75% Variable||4.75% Variable||5.10%||75%||£995 Admin Fee, £100 Staged Fee, Valuation Fee|
Speak to a professional about a Progressive Building Society Mortgage