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Mortgage FAQs

It’s a big decision buying a home. There will always be questions that come up before, during and after the mortgage process. So we’ve put together some frequently asked questions from our valued Members.

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If you don’t find the answer to your query here, simply contact us or get in touch with your local branch.

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General

How old must I be to apply for a mortgage?

You must be at least 18 years old.

How do I apply for a mortgage?

Each of our 12 branches have qualified Mortgage Advisors who will be able to guide you through the application process. To speak to one of them, visit our Contact us page where you can find telephone numbers and locations for all of our branches.

How long does it take from mortgage application until completion?

We aim to complete the mortgage process as quickly as possible. Find your local branch by visiting our Contact Us page and speak to one of our Mortgage Advisors who will be able to give you further information.

What are Progressive’s minimum and maximum mortgage terms?

Our minimum mortgage term is 6 years and our maximum mortgage term is 40 years subject to repayment in full within the applicants expected working lifetime.

How much can I borrow?

How much you can borrow will depend on your individual circumstances. We will need to assess your income, the amount of deposit you have and any other financial commitments you have such as loans or overdrafts and we may need to carry out a more detailed affordability assessment. Our Mortgage Calculator can give you a rough idea of what you can afford, but when you sit down with our Mortgage Advisors they’ll be able to give an indication of what you could borrow.

When do I make my first mortgage payment?

You’ll make your first mortgage payment the month after your mortgage commences. Your first mortgage payment will be higher than your regular payments as it includes initial interest. Initial interest is made up of the interest from the start of your mortgage to the end of that month which is added to your first monthly repayment.

Can I change my payment date if I pay by Direct Debit?

Yes. You can choose to have your payment collected on 5th, 15th or 28th of each month (payments set for the 28th will collect on the last banking day of the month). 

If changing your date, please ensure your payment is made while the change is being implemented.  To change your payment date, contact your local branch.

What is the difference between a Fixed Rate and a Variable Rate Product?

A fixed rate mortgage means the interest rate of your mortgage remains the same for a set period and your monthly payments will not change during that time.

After the fixed rate period ends your mortgage will automatically move to a variable rate.

With a variable rate your mortgage payments may move in line with market conditions, meaning your payments could go up or down.

What is the difference between an Interest Only and a Repayment Mortgage?

With a Repayment Mortgage you pay off both the interest and capital with each monthly payment. This means at the end of the term your mortgage will be repaid.

With an Interest Only Mortgage you only pay the interest each month and the amount of capital owed will not reduce.

This means you need to have suitable plans in place to pay off the mortgage at the end of the term. You could use an endowment policy, savings plan, or other repayment strategy.

What is Mortgage Loan to Value (LTV)?

LTV or Loan to Value is the value of the mortgage compared to the value of the property you are purchasing, expressed as a percentage. For example, if you have a 5% deposit, you will need a 95% LTV mortgage. This means for a property worth £150,000, a deposit of £7,500 will be required.

I have an existing mortgage with Progressive, can I borrow more on my mortgage?

If you already have a mortgage with us and would like to borrow more, please visit your nearest branch or give one of our Mortgage Advisors a call. 

Can I change the name(s) on my mortgage account?

Yes, please contact your local branch and we will be happy to take you through the process.

Can I add or remove a name from a mortgage account?

Yes, we can consider this for you subject to certain criteria being met. You will need to complete a Transfer of Equity form. Please note that you cannot transfer a mortgage from one single name to another single name. This service carries an application fee which is detailed in the Society's tariff of charges.

If you require a Transfer of Equity form, please contact us.

What is the minimum property value you will lend on?

The minimum property value we will lend on is £75,000.

What is APRC?

The APRC is the Annual Percentage Rate of Charge and is the overall cost of the mortgage including interest and fees. It gives an effective annual interest rate for the whole term of the mortgage and is on the basis that the rates do not change even if the rate is described as variable.

Can I make an overpayment on my mortgage?

Yes. Overpayments of up to 10% of the balance outstanding can be made each year, starting from the date of original mortgage completion, or the start date of your latest interest rate deal using the balance outstanding, without incurring an early repayment charge.

If you do make an overpayment, then the amount you owe and the interest you are charged will reduce from the date the overpayment is credited to your account.

Overpayments of more than 10% of the balance outstanding, or full mortgage repayment, will incur the Early Repayment Charge.

What is the minimum capital payment I can make?

The minimum capital payment is £500. Please ensure you state clearly that this is a capital payment to ensure it is recorded on your account.

Are there any fees or charges if I want to pay off my mortgage early?

This depends on what type of mortgage product you have. Most products do have an Early Repayment Charge during the initial incentive period (e.g. fixed or discounted rate).

There will be an application fee, details of which can be found in our tariff of charges.

When will I receive my mortgage statement?

We post annual mortgage statements in January which cover the period from January to December of the previous year. It will show you the balance of the mortgage, payments and interest charges and any fees accrued over the year.

Can I change the bank account from which I pay my mortgage?

Yes. Please complete and return this Direct Debit form along with a recent bank statement for the account you wish us to collect your mortgage payment from.

Can I change the term on my mortgage?

Yes, under certain circumstances. Please contact us on 028 9024 4926 to discuss this matter.

My current mortgage product has come to an end, do you have other products available for existing members?

Yes. We have a wide range of products available for existing Members. Please speak to one of our Mortgage Advisors for further information. Visit our Contact us page to find the location and telephone number of your nearest branch.

What is your standard variable rate (SVR)?

The Society's standard variable rate (SVR) is currently 5.00%

Can I change the repayment method on my mortgage?

Yes, subject to criteria and your ability to make the monthly repayments required following the change.

If you are having difficulty making your mortgage repayments, please contact us as soon as possible and a member of our highly trained staff will discuss this with you.

How do I make sure my interest only mortgage repayment plan is on track?

If you have an interest only mortgage or a mortgage that includes an amount borrowed on interest only terms, it’s important to check regularly that your endowment, savings plan or other repayment strategy is on track to repay the mortgage at the end of the term.

For all types of repayment, we recommend that you regularly obtain confirmation, together with financial advice, from your repayment vehicle provider(s) to ensure that the projected maturity value will be sufficient to repay your mortgage. If it indicates a potential shortfall, you have a number of options to consider depending on your individual circumstances.

We can help you with this so get in touch.

Where can I go for further support regarding the repayment of my interest only mortgage?

If you wish to discuss your mortgage in further detail or require any additional assistance, please call us.

The Money Advice Service offers free, unbiased advice on interest only mortgages. Visit moneyadviceservice.org.uk or call them on 0800 138 7777.

It is your responsibility to ensure you maintain adequate life cover throughout the term of the mortgage and, where interest only payments are being made, that you have sufficient investment funds available at the end of the mortgage term to repay all sums due.

What locations do you lend in?

We only lend on properties within Northern Ireland.

If another lender rejected my mortgage, can you still assist me?

We may be able to help you if you have been turned down by another lender, please contact us to discuss your options.

Can I get a mortgage in place before I have found a home to purchase?

Your mortgage application is processed once you have had an offer accepted on a property. However, you can get a ‘Decision in Principle’ beforehand to confirm that you have been pre-approved for a mortgage. This can help speed up the process.

What is a Decision in Principle? (DIP)

A ‘Decision in Principle’ is a document we will provide confirming that you will be able to borrow a certain amount subject to a full assessment when you apply. The amount may change once a full review is carried out.

You can use this document to confirm with the vender that you have been pre-approved for a mortgage.

Can I get a mortgage with Progressive if I am moving home?

Yes, you can. View our Moving Home section to find out more information on the products we offer.

What happens if I can’t pay my mortgage?

If you are facing financial difficulties, it is best if you speak to us as soon as possible. We are here to support and help you through difficult times. If you need to speak to us please lease call us on 02890 821853.

You can also contact the following organisations for advice:

Step Change Charity

Money Advice Service

Citizen's Advice Bureau

The National Debtline

Speak to our team today

If you have a query regarding your existing mortgage product or require information on our range of products you can call us, email us or pop into one of our 12 branches. We look forward to hearing from you.

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