Foreign Currency Mortgage
Foreign Currency Mortgage
Are you looking to purchase a home in Northern Ireland and earn in Euro or US Dollar? Or perhaps you are planning to re-mortgage and hold an asset (repayment strategy) in Euro or US Dollar? Then a Foreign Currency Mortgage from Progressive may suit you.
At Progressive, we can facilitate your mortgage requirements with a Foreign Currency Mortgage. Your Mortgage balance will be in Sterling and monthly repayments will be in Sterling also.
Foreign Currency Mortgages are available to customers who are purchasing a home, remortgaging, or financing a self-build, in Northern Ireland.
Progressive Building Society only lends on properties within Northern Ireland.
Eligibility
You may be eligible for a Progressive Foreign Currency Mortgage if you are 18 years old or over purchasing a home, remortgaging or financing a self-build in Northern Ireland and:
- Are paid in Euro or US Dollar
Or
- You have an asset (repayment strategy) held in Euro or US Dollar which you will use to repay an interest only mortgage balance.
The Society can only accept one of the two foreign currencies per application and either the income earned, or an asset held for an interest only mortgage in a foreign currency, but not a combination of both. Therefore, the following applications can be accepted:
- One applicant earns in Sterling and the other applicant earns in Euro
- One applicant earns in Sterling and the other applicant earns in US Dollar
- Both applicants earn in Euro
- Both applicants earn in US Dollar
- The applicant earns in Euro or US Dollar and holds an asset for an interest only mortgage in Sterling.
- The applicant holds an asset for an interest only mortgage in Euro or US Dollars and earns in Sterling.
Fluctuations in the exchange rate of the foreign currency may affect your mortgage repayments and/or the value of any assets you hold in a foreign currency. The Society will continuously review the exchange rate and will contact you by letter if the exchange rate moves against you by 20% or more.
How to apply
Look at the Foreign Currency Mortgage products below, and contact your local branch to speak to a qualified mortgage advisor.
Branch FinderForeign Currency Mortgage Products
Type of mortgage |
LTV (Loan to Value) |
Product type |
Rate |
APRC |
Fees |
|
NI Co-Ownership |
Up to 95% Equity Purchase |
2 year variable discount |
5.39% |
8.45% |
Free |
|
NI Co-Ownership |
100% Equity Purchase |
2 year variable discount |
5.41% |
8.45% |
Free |
|
NI Co-Ownership |
Up to 95% Equity Purchase |
2 year fixed rate |
5.45% |
8.43% |
Free |
|
NI Co-Ownership |
100% Equity Purchase |
2 year fixed rate |
5.47% |
8.44% |
Free |
|
NI Co-Ownership |
Up to 95% Equity Purchase |
5 year fixed rate |
4.80% |
7.38% |
Free |
|
NI Co-Ownership |
100% Equity Purchase |
5 year fixed rate |
4.83% |
7.39% |
Free |
|
House purchase |
Up to 60% |
2 year variable discount |
4.94% |
8.36% |
Free |
|
House purchase |
Up to 75% |
2 year variable discount |
4.94% |
8.36% |
Free |
|
House purchase |
Up to 80% |
2 year variable discount |
5.12% |
8.40% |
Free |
|
House purchase |
Up to 85% |
2 year variable discount |
5.12% |
8.40% |
Free |
|
House purchase |
Up to 90% |
2 year variable discount |
5.35% |
8.44% |
Free |
|
House purchase |
Up to 60% |
2 year fixed |
4.99% |
8.34% |
Free |
|
House purchase |
Up to 75% |
2 year fixed |
4.99% |
8.34% |
Free |
|
House purchase |
Up to 80% |
2 year fixed |
5.18% |
8.38% |
Free |
|
House purchase |
Up to 85% |
2 year fixed |
5.18% |
8.38% |
Free |
|
House purchase |
Up to 90% |
2 year fixed |
5.41% |
8.43% |
Free |
|
Remortgage |
Up to 60% |
2 year variable discount |
5.23% |
8.12% |
Free |
|
Remortgage |
Up to 75% |
2 year variable discount |
5.23% |
8.12% |
Free |
|
Remortgage |
Up to 80% |
2 year variable discount |
5.68% |
8.24% |
Free |
|
Remortgage |
Up to 85% |
2 year variable discount |
5.72% |
8.26% |
Free |
|
Remortgage |
Up to 90% |
2 year variable discount |
5.82% |
8.28% |
Free |
|
Remortgage |
Up to 60% |
2 year fixed |
5.29% |
7.90% |
Free |
|
Remortgage |
Up to 75% |
2 year fixed |
5.29% |
7.90% |
Free |
|
Remortgage |
Up to 80% |
2 year fixed |
5.74% |
8.05% |
Free |
|
Remortgage |
Up to 85% |
2 year fixed |
5.80% |
8.07% |
Free |
|
Remortgage |
Up to 90% |
2 year fixed |
5.90% |
8.10% |
Free |
|
Self-build |
Up to 60% |
3 year variable discount |
6.74% |
8.45% |
Arrangement fee - £1495 |
|
Self-build |
Up to 80% |
3 year variable discount |
7.24% |
8.65% |
Arrangement fee - £1495 |
Representative Example
Based on an assumed start date of 4/4/2024, a mortgage of £140,400.00 payable over 35 years, initially on our discounted variable rate of 4.94% for 2 years, followed by our Standard Variable Rate currently 8.74% for the remaining 33 years, would require 24 monthly payments of £703.22 and 396 monthly payments of £1,059.46.The total amount payable would be £436,423.44 made up of the loan amount plus interest of £296,023.44.The overall cost for comparison is 8.36% APRC.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Speak to our team today
We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.