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 4.50%.
Your client will need to provide their latest 3 years full accounts. These must be finalised to show the net profit (for sole traders), share of net profit (for partnerships) or salary and dividends (for directors of Limited Companies). Profit & Loss calculations alone are not acceptable.
HMRC Tax Calculations (SA302s) and Tax Year Overviews for last 3 years are accepted for cases where LTV is below 80%.
We will also require your client’s last 3 months bank statements.
Once we’ve received the verified figures for your client’s last three years’ income, we will use either:
If your client has lost/not kept the original documents sent automatically by HMRC, they’ll need to go to the HMRC website and request the following:
If your client has a basic salary only we will need to see their last 3 months payslips and last 3 months bank statements.
Additionally the latest P60 may be required.
If we are using their basic salary plus bonus/overtime/commission, the proofs required will vary depending on how often they receive payment.
For applications over 90% LTV, the Society will also request an employers’ reference on receipt of application.
Further information can be found within our Lending Criteria or by contacting your local branch.
The Society will require an applicant(s) to be in permanent employment / self employment for the following length of time:
A referral should be made to the Society’s local branch office where the applicant(s) are self employed for less than 3 years.
In cases where the customer has more than one job, the Society will consider amount of hours worked, length of time worked, how long the applicant(s) has been in both jobs. The Society will require payslips and bank statements to verify the income from the second job. If the applicant(s) is paid in cash the Society will only take the income into consideration if we receive income confirmation from the HMRC (Tax Summary Calculation) or SA302(s) and corresponding Tax Year Overview(s). The maximum income taken from second job is 50%.
Further information can be found within our Lending Criteria or by contacting your local branch.
For cases up to and including 90% LTV the Society will consider applicant(s) who are on a fixed term contract of employment.
We will accept income if your client’s been employed on a fixed term contract for at least 12 months. Otherwise they’ll need to have at least 24 months remaining on their current contract.
Further information can be found within our Lending Criteria or by contacting your local branch.
If your client is employed and already on parental leave we’ll need to see either:
The letter must be addressed to your client (not to Progressive Building Society or to whom it may concern) and should state the return to work income. Where the letter does not confirm the return to work income, the payslip issued before parental leave started will be required.
If your client is employed but their parental leave hasn’t started yet and their income won’t be changing, we just need to see their latest P60 and last 3 months payslips.
If your client’s self-employed, they’ll need to provide the proofs required for all self-employed applicants.
If your client’s on or due to go on parental leave, all existing and future childcare costs should be included as an outgoing and the future number of dependants should be declared.
The Society is not currently accepting Foreign Currency Applications. Any income used in assessing affordability for the mortgage must be denominated in sterling only.
Any assets to be used as part of a repayment strategy for the mortgage must be denominated in sterling only.
The Society will consider pension income in certain circumstances. See ‘Lending into Retirement’ and ‘Lending in Retirement’ section or refer to your local branch.
We have no maximum limit for gifted deposits. However, applications including gifted deposit may be subject to additional underwriting requirements. Please refer to your local branch for more information.
Maximum LTVs are:
The Society’s maximum LTV for an interest only (or part interest only) loan is 75%. The Society will only consider interest only (or part interest only) loans which have a credible repayment strategy in place.
The Society’s maximum LTV for former local authority property is 80%.
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