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First Time Buyer Guide

As a First Time Buyer, you will be so excited at the prospect of buying your very own happy place - and we’re here to help you achieve your goal.

Welcome to Progressive

We know it can be daunting, but as your local experts, we’re ready to guide you every step of the way. We understand exactly what you’re looking for in a mortgage; we make it as straightforward as possible and provide you with quick decisions.

With as little as a 5% deposit, you could be well on your way to getting the keys to your very own place.

What’s more, if you’ve already got a Help to Buy: ISA with us, you could receive £750 cashback. That may be the sofa sorted!

Feel right at home with Progressive

For over 100 years, we’ve been helping people in Northern Ireland find their perfect first home. We’re a building society, made up of local Members helping local people buy local homes.

We only lend on properties within Northern Ireland.

We have 12 branches with qualified mortgage advisors in every single one, so you can pop in and talk to us face to face about finding your happy place.

Your step-by-step guide to getting started

It’s time to step onto the property ladder and put your hard-earned cash into your very own home and a potential investment.

You can talk to us BEFORE you’ve found your new pad to see what you can afford in terms of deposit, monthly repayments and any additional costs.

Then, once you’ve found your fab new home, the mortgage process will go like this:

  • Your offer is accepted!;
  • Contact your local Progressive branch to make an appointment with a Mortgage Advisor;
  • At this stage, you’ll appoint a solicitor;
  • At your Mortgage Appointment, we’ll check any existing loans and out-goings, conduct an affordability assessment and complete an application form;
  • Once your application is approved, we’ll arrange for your chosen property to be valued;
  • We then send your offer of mortgage to you and your solicitor;
  • Once your mortgage is agreed, your solicitor will complete all the legal work and ask for funds to be transferred;
  • We provide the funds on your completion date;
  • Congratulations! You can pick up your keys and move into your new home!

How to prepare for your Happy Place

Before you choose the paint, and mentally arrange the furniture, there’s some background checks and fact finding we must do to get the right mortgage for you.

You’ll need to bring some items along with you to your mortgage appointment.

These include:

  • Proof of identity; a current passport or driving licence;
  • Proof of address; a utility bill or bank statement dated within the last 3 months;
  • Proof of income; if employed, latest P60 and last 3 months payslips, if self-employed, last 3 years business accounts (most recent accounts must not be older than 18 months) or last 3 years SA302s and corresponding tax year overviews;
  • Bank details; last 3 months’ bank statements showing income and spending;
  • Details of any existing financial commitments; up to date balance of credit or store cards, personal loans and hire purchases.

Our First Time Buyer Mortgage options

We offer two main types of mortgage products: Fixed Rate and Variable Discount Rate.

We know that no two people are the same and everyone’s circumstances are different, so we offer a range of products to suit your needs. Make sure to ask about our Family Assist mortgages, where you could get onto the property ladder with a little help from your willing relatives!

  • A Fixed Rate means your monthly payments remain the same, so you’ll know exactly how much you’re paying each month
  • A Variable Discount Rate means that your monthly payments could go up or down, depending on external market interest rates. The rate is based on set discount of the lender’s SVR (standard variable rate) so, for example, if a lender’s SVR is 4% and the discounted rate includes a 0.5% discount, the interest rate you pay would be 3.5%.

Mortgage product term options available: 2, 3 or 5 years.

After this period, your mortgage will automatically switch to Progressive’s Standard Variable Rate applicable at the time, which may mean that your monthly repayments increase.

When you take your mortgage with Progressive we want to make sure you’re always getting our best deal.

Take Notes

Isn’t it funny how you always remember questions AFTER you’ve left the appointment? Why not have a think now and jot down the information that’s important to you such as: branch manager’s or mortgage advisor’s details, appointment times and any queries you may have.

For more information, or to book a mortgage appointment, simply contact your local branch and we’ll be more than happy to help you.

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, you can call us, email us, pop into one of our 12 branches. We look forward to hearing from you.

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We have 12 branches across Northern Ireland

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