10 May 2018
With the number of first time buyers in Northern Ireland at a ten-year high, Progressive Building Society has emphasised its commitment to supporting local people who are seeking to buy their first home with the launch of its Family Assist Mortgage and Savings products.
This new product allows family members to use their savings to help the borrower secure a lower interest rate by opening a 5 year savings account which is used as security against the borrower’s mortgage. Provided the borrower meets their mortgage repayments, the saver’s money will be returned to them along with any interest earned after five years. If required, the interest can be paid into their bank account annually.
Darina Armstrong, Chief Executive of Progressive Building Society commented, “Having funded local home ownership for over 100 years, Progressive Building Society has a proud local history of providing savings and mortgage products. Last year 9,700 people bought their first home, an increase of 20% on the previous year. As this number continues to grow we are delighted to be able to offer a new mortgage product which is tailored to the needs of young people as they aim to get onto the property ladder. With qualified mortgage advisors in each of our 12 branches across Northern Ireland we work hard to ensure that we meet the needs of all of our customers and that they receive the support they need at every stage of their mortgage process.”
Key features of the Family Assist include:
- Progressive’s Family Assist Mortgage offers borrowers a competitive rate on their mortgage with as little as a 5% deposit
- In return the borrower’s relative opens a Progressive Family Assist Savings Account for a period of 5 years
- These savings are used as security against the borrower’s mortgage
- The borrower’s deposit can be higher than 5% but the total combined value of the deposit and the savings must be equivalent to 25% of the property price
- The Family Assist Mortgage is available to first time buyers and home movers