Progressive Building Society have announced some forthcoming changes. See below for details. For current product information, lending criteria etc their intermediary website can be accessed here REMEMBER, you can also speak to our dedicated Specialist team for more information or guidance.
Rate change and Packaging Requirements
Please find attached our revised mortgage package which will take effect from 3rd June 2023. Applications for rates from the current mortgage range must be submitted by 5pm on 2nd June. Please note that these applications must be fully packaged – please see additional information below.
You will note the main changes are as follows:
- All fixed products amended
- Advance notice of SVR changing to 7.99% from 1st July 2023 added to notes
Important Update to Packaging Requirements
At Progressive, providing an excellent service to you and your clients is a priority. In order to better service your applications, we are making some changes to our packaging requirements.
Should you make an application for one of our current products which are due to be withdrawn at 5.00pm tomorrow, the case must be fully packaged with all supporting documentation. If this is not possible, all supporting documents must be uploaded by close of business on Tuesday 6th June. If we do not receive the supporting documents, unfortunately we will be unable to progress the application and the case will be cancelled.
New Packaging timelines
Following the introduction of our new rates we will be implementing a permanent change to our packaging requirements. Should you make an application to the Society on behalf of your client, the supporting documents must be uploaded within 5 business days to allow us to progress the application. If we do not receive the required supporting documentation, unfortunately we will be unable to progress the application and the case will be cancelled.
We hope that this will not cause any inconvenience to you and your clients. This change will allow us to better serve our valued broker network and ensure that our service levels remain strong. Please find attached full details of our packaging requirements for your information which we hope you find helpful.