The Progressive Building Society was founded in Northern Ireland in 1914 as a result of the merger of a number of smaller societies. Today it is among UK’s top 20 building societies. Since 1914 the Progressive Building Society has held to the principle that whatever happens elsewhere there should always be money for local people to buy their own homes. As such their website states:
“We intend to remain an independent mutual building society sharing with our members the benefits arising from this.”
The Progressive believe that buying a house is the biggest financial endeavor of your life and hence shouldn’t be ventured into lightly. Finding the right house in the right place at the right price may take some time but the effort is well worthwhile.
Progressive offers you a mortgage service that is comprehensive, with speed and efficiency. It promise is that each application is dealt with on its own merits.
They offer two types of mortgage:
Fixed rate mortgages
Discounted rate mortgages
Fixed rate mortgages are offered at various different rates and these rates will not change over a fixed period of time. The time lengths are
2 Year fixed rate mortgages
3 Year fixed rate mortgages
5 Year fixed rate mortgages
The mortgage will then go back to the standard variable rate for the remaining mortgage term. Administration fees are applicable.
Discounted mortgages mean that you pay interest at the Society’s variable base rate less a discount for a set interval.
The rate, and your monthly payment, will vary with the variable base rate, up or down
It will remain below the variable base rate during the discounted rate period.
The mortgage will then convert to the standard variable rate for the remaining mortgage term. Administration fees are applicable.
The society only lends within Northern Ireland. The mortgage will be subject to the Society’s Mortgage Terms and Conditions. The Minimum mortgage range is between £30,000 as a minimum and £400,000 a maximum. And the mortgage term is 5 years minimum and 40 years maximum.
For interest only mortgages a suitable repayment vehicle must be arranged