Mortgage FAQs

You must be at least 18 years old.

Each of our branches has 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. 

If you have already applied for a mortgage with us, speak to your Mortgage Advisor who will be able to give you more information, or alternatively, please contact your nearest branch Contact Us who will be able to help.

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 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.

Yes, if you earn in Euro or US Dollar, you may be able to get a mortgage with Progressive (Lending criteria, Terms & Conditions apply). Find out more about Progressive's Foreign Currency Mortgage.

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.

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

If changing your date, please ensure you still make a payment when due, while the change is being implemented. To change your payment date, please contact our Support Team on 0800 0294 997.

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.

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 balance 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.

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 £100,000, a deposit of £5,000 will be required.

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. 

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

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.

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

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.

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.

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

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 period). If you wish to check if your mortgage has an Early Repayment Charge, contact our Support Team on 0800 0294 997.

We post annual mortgage statements in January each year, 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.

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.

Yes, under certain circumstances. Please contact us on 028 9016 0949 to discuss this matter.

Yes. We have a wide range of products available for existing Members. If you are eligible to change your product online, you will have received a letter from us telling you how to register and select a new product. If you have not received a letter or if you wish to make any changes to the amount or term of your mortgage please visit our Contact us page to find the location and telephone number of your nearest branch.

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. We have more information in the Financial Difficulties section of our website.

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 strategies, 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 several options to consider depending on your individual circumstances. We can help you with this so get in touch.

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

The MoneyHelper website offers free, unbiased advice on interest only mortgages. Visit MoneyHelper or call them on 0800 138 7777 

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

We only lend on properties within Northern Ireland.

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

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 mortgage process. Please contact your nearest branch to arrange an appointment.

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 vendor that you have been pre-approved for a mortgage.

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

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.  Simply contacting us does not impact your credit file. If you need to speak to us please call us on 028 9082 1853 or call into one of our branches.

You can also contact the following organisations for advice:

Christians Against Poverty (CAP)

Advice NI

Citizen's Advice Bureau

MoneyHelper

Macmillan Cancer Support

Marie Curie

Alzheimer's Society

Action Mental Health

Cause Carers

The National Debtline

If you have a mortgage with the Society, our mortgage conditions state that you agree not to sell part or let part of your property without the written permission of the Society.

Homes for Ukraine Scheme - Progressive Building Society is supportive of the government’s Homes for Ukraine Sponsorship Scheme, which will enable homeowners across the UK to provide accommodation in their own home to refugees fleeing the war. If you have a mortgage with the Society, it is important for you to tell us when you’ve been accepted as sponsors, when the visa application for the Ukrainian National has been approved and before they arrive at your property.  It is also important for you to contact your property insurance provider. It is important that you carefully consider your financial position before applying for the scheme.