We hope that you are keeping well in these challenging times and we want to assure you that we are working hard to support you and your clients. To keep you up to date with the actions we have taken, we have created a list of FAQs which we hope you will find useful.
A ‘payment holiday’ is an arrangement under which the Society permits the borrower not to make any payments under a regulated mortgage contract for a specified period without being in payment shortfall (arrears).
Where a borrower is experiencing or reasonably expects to experience payment difficulties as a result of circumstances relating to coronavirus, and wishes to receive a payment holiday, the Society has been offering borrowers a payment holiday of up to 3 months.
Borrowers are not required to provide evidence of their finances at the time of setting up the arrangement and are required to ‘self-certify’ they have been financially impacted by COVID-19. Borrowers should also confirm that all parties named on the mortgage are in agreement with the temporary arrangement being set up.
Visit www.theprogressive.com and complete either the ‘Contact Us’ form or Request a Call Back and we will respond to the email within 5 working days.
Any customer affected financially by COVID-19, provided that their mortgage account is up to date.
The customer should contact the Society directly for information and assistance.
The Society can offer a Product Switch at the same time as a payment holiday if the Product Switch is due and the mortgage account is up to date.
The Society will report payment holiday arrangements to the credit reference agency as ‘0’ where there were zero arrears on the account before the arrangement started. This is the same for those who have made an arrangement to change to interest only or make reduced payments for the next 3 months.
For customers already in arrears, the Society will report to the credit reference agency the position on the account before any COVID-19 arrangement was made.
The Society has agreed the following temporary arrangements with borrowers whose finances have been impacted by COVID-19:
There will be various ways the borrower can repay the total deferred payment amount. Borrowers will be advised of the option of capitalising the deferred payment, onto the mortgage balance at the end of the arrangement period. The Society will write to the borrowers prior to the end of the arrangement period to provide details of the impact of capitalisation on their account.
Borrowers can opt out of capitalisation and contact the Society to arrange an alternative way of repaying the deferred payments e.g. making a lump sum payment to clear the deferred payment or they can make an arrangement to repay the deferred payment amount over a number of months. The new arrangement will depend on the customers circumstances.
Borrowers may be required to complete an Income and Expenditure Assessment Form, to allow the Society to make suitable arrangements for the repayment of the deferred payments, where the customer opts out of capitalising the deferred payment amount. The Income and Expenditure assessment will be available on the Society’s main website.
The Society will convert the mortgage account back to the original contractual terms at the end of the arrangement period. The new monthly payment will be calculated over the remaining term of the mortgage and the monthly payment will increase. The Society will contact the borrowers prior to the end of the interest only arrangement period and confirm the new monthly payment and effective date.
Borrowers who are unable to revert back to the original terms should contact the Society to discuss their options. They will be required to complete an Income and Expenditure Assessment Form, to allow the Society to make suitable arrangements for the repayment of the deferred payments. The Income and Expenditure assessment will be available on the Society’s main website.
The Society can arrange for inspection of new builds and self-builds provided that no builders or trades are on site. We will also consider new applications using external inspections and drive by valuations up to max 80% LTV. In the case of like for like re-mortgages we are using desktop / AVM valuations up to max 75% LTV, and for capital raising re-mortgages using desktops / AVM valuations up to max 60% LTV.
Where your client’s offer is one month from expiry date and they need to extend their offer by three months, please contact the branch to request the extension. The request will then be assessed taking into account any change in your client’s circumstances.
All of the Society’s offices are still open and the underwriting of mortgage applications continues. We are currently only considering new mortgage applications where the LTV is up to 80%.
Branches can be contacted by telephone or email between 9am and 4pm – please visit www.progressiveforintermediaries.com for contact details.
We are happy to confirm that our Deeds Department is still staffed, and Title Deeds are being dispatched within one week of request. Should you be experiencing any difficulty please contact your branch and we will follow it up.
Northern Ireland Land Registry closed on 24th March and has not re-opened. We are, however, following our normal policy, in that we are relying on the Solicitor acting for the Society in connection with the mortgage advance and therefore we will be relying on the warranties, representations and undertakings contained in the Certificate of Title.