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Buying with HelpFirst time BuyersSelf-BuildMoving homeRemortgaging

Buying with help from your family


THE SOCIETY ONLY LENDS ON PROPERTIES WITHIN NORTHERN IRELAND.

Progressive’s Family Assist Mortgage offers borrowers a competitive rate on their mortgage with as little as a 5% deposit and in return the borrower’s relative opens a Progressive Family Assist Savings Account for an amount equating to 10% or 15% of the purchase price of the property for a period of 3 years.


Borrowers
deposit %
Family Assist Savings Account % Rate Fees
5% of purchase price/value 10% of purchase price/value 1.99% variable for 2 years (SVR of 5% less 3.01% for 2 years) No valuation fee
No arrangement fee
5% of purchase price/value 15% of purchase price/value 2.79% fixed to 1/02/2021 No valuation fee
No arrangement fee

The savings are used as security against the borrower’s mortgage. The savings account will earn interest (please refer to the Progressive Family Assist Savings Account for more detail) and has a term of 3 years from the start of the mortgage. (e.g. Where the mortgage starts on 1st January 2019 the savings term will end on 1st January 2022).  The savers are required to obtain independent legal advice.

The Family Assist Mortgage is available to first time buyers and home movers (not available for self-build or remortgage applications).

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE


Product Rate SVR Overall Cost for Comparison Arrangement Fee Valuation
Fee
LTV Product Features
2 Year Discount 1.99% 5.00% 4.54% APRC £0 Free 95% More Info
2 Year Fixed 2.79% 5.00% 4.74% APRC £0 Free 95% More Info


Guarantor Products


If you cannot afford the home you are looking to purchase on your own, you may wish to consider taking out a guarantor mortgage. Our guarantor mortgage is a way for family members to help you get on to the property ladder. When someone agrees to act as a mortgage guarantor for you, this means they sign a legal agreement confirming that they will cover your mortgage repayments if you fall behind. The guarantor will not own a share of the house, and they won’t be named on the deeds.


Product Rate SVR Overall Cost for Comparison Arrangement Fee Valuation
Fee
LTV Product Features
3 Year Discount 3.75% 5.00% 4.81% APRC £0 Free 85% More Info
3 Year Discount 4.25% 5.00% 4.93% APRC £0 Free 90% More Info

Representative Example


Based on an assumed start date of 14/8/2018, a mortgage of £109950 payable over 35 years, initially on our discounted variable rate of 2.24% for 2 years, followed by our Standard Variable Rate currently 5.00% for the remaining 33 years, would require 24 monthly payments of £377.91 and 396 monthly payments of £545.66.

The total amount payable would be £225151.20 made up of the loan amount plus interest of £115201.20.

The overall cost for comparison is 4.70% APRC.