1. What is your new build policy?
We define new build as a property where construction is completed and/or the property is first occupied, in the last 12 calendar months.
- Maximum LTV on new build houses is 95% for residential property
- Maximum LTV on new build flats is 70% for residential property
- Requirement for the acting solicitor to confirm the property has been satisfactorily completed and that a New Build Warranty acceptable to Progressive Building Society is in place
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 may require up to date payslips, bank statements or an updated credit search where we are asked to consider re-issuing an out of date Offer of Advance.