You can use our Product Search facility to locate the most suitable Mortgage product to match your client’s needs.
Alternatively you can also run a product search against your client’s specific requirements within the Progressive Intermediary Portal. If you are not already registered to use our online portal, please refer to the Placing Business section of this website to register with the Society.
The maximum number of applicant(s) for a mortgage application online is 2. If you have an application with more than 2 applicants please refer the case to your local branch.
Lending over 80% LTV up to 95% LTV is subject to a mortgage indemnity guarantee which the Society will place with its’ insurance provider. This is insurance taken out by the Society for the Society’s benefit.
For our lending to meet the criteria of our insurers we will only lend up to a certain amount of loan depending on the LTV.
The maximum advance in these circumstances are as follows:
| LTV | Maximum Loan Amount |
| 80 – 85% LTV | £275,000 |
| 85 – 90% LTV | £250,000 |
| 90 – 95% LTV | £200,000 |
The Society has also set a maximum advance of 80% of value for loans in excess of £500,000.
The minimum age of applicant(s) is 18. The mortgage term should not extend beyond the applicant(s) 75th birthday and provided the applicant(s) are not retiring before age 75. If the applicant(s) are borrowing into retirement or in retirement please refer to the ‘Lending into Retirement’ and ‘Lending in Retirement’ section of the lending criteria.
If the Society issues an Offer of Advance, the Offer will be valid for a period of 3 months. The 3 month validity period applies to all purchase, remortgage and self build applications. The Society will issue an Offer for a validity period of 6 months in the case of purchases for properties being constructed in new build developments.
The Society will consider properties of standard construction of any age subject to a satisfactory report from a valuer. Where a new self build property is under construction, stage payments may be released after inspection. Stage payments may also be considered on properties, which are being renovated and/or extended.
The Society does not normally consider lending on properties with a purchase price or valuation less than £75,000. Referrals may be made to your local branch.
For leasehold property the lease should have a minimum of 50 years to run after the mortgage term is due to end.
In the absence of a management company flats/apartments are not considered suitable security because of the potential for ongoing maintenance and insurance problems.
The Society does not consider lending on properties with flying or creeping freehold or freehold flats/apartments.
The Society only lends in Northern Ireland.
The Society does not currently offer commercial mortgages.
The Society will consider lending to finance self build projects. The maximum LTV for self build mortgages is 75%.
The earliest point the Society will consider lending for a self build is where the foundations have been laid and have been inspected by Building Control.
We will not consider it acceptable to lend on a site purchase only.
Further information can be found within our Lending Criteria or by contacting your local branch.
The Society may consider the use of Guarantor(s) where the income of the applicants to support the loan is marginally insufficient. In such cases, the Guarantor(s) is required to produce evidence of income and expenditure to ensure that he/she is able to afford to make the repayments should the applicant(s) default.
The maximum LTV the Society will consider in guarantor cases is 80%.
Further information can be found within our Lending Criteria or by contacting your local branch.
The Society may consider lending propositions which include a proportion of debt consolidation. The proportion of the loan for debt consolidation purposes should not exceed 25% of the total loan and should be no more than 50% of the gross main income.
Where any portion of the loan is for debt consolidation purposes the maximum LTV is 75%.
Further information can be found within our Lending Criteria or by contacting your local branch.
All applicant(s) must be resident in the UK for a minimum of 3 years. The applicant(s) must be residing and working in Northern Ireland.
The Society will consider applications on the following basis:
EEA nationals:
• Must be able to confirm their right to work and reside by reference to passport or national identity card plus Home Office registration (if appropriate)
Non-EEA nationals:
• Must be able to confirm indefinite leave to remain in UK (for applications to be considered, indefinite leave must be evidenced by a stamp in a currently valid passport or written confirmation from the Home Office).
The Society will not consider lending to non-EEA nationals who have limited leave to remain.
Advances to purchasers under the Northern Ireland Co-Ownership Housing Association (NICOHA) scheme are considered.
For NICOHA cases the Society’s maximum advance is 90% of the equity. A copy of the NICOHA Offer Letter must be provided to the Society along with the application.
When your client wishes to use a non-panel solicitor, this solicitor can be instructed to act for your client only. Progressive Building Society will nominate a separate panel firm to act for them. All legal costs charged by both firms must be met by your client.
The Society’s SVR is currently 4.5%.
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