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.
PROGRESSIVE 95% HOUSE PURCHASE PRODUCT
I am delighted to advise you that, effective from next week, Progressive will launch a new 95% LTV House Purchase Product. Full details are as follows:
Product | Rate | Description | Product Fee | Notes |
2 Year Variable Discount | 5.76% | SVR Less 2.98% | £0.00 | Not available for New Builds |
Please note that this product will also be available to those earning in Euro or US Dollar.
As we have been out of the 95% LTV market for a while, I just want to remind you of a few limits on this product:
Standard Income Multiple – MAX | Enhanced Income Multiple (for those earning £40k sole or £70k joint) | Max Loan |
3.75% | 3.90% | £275,000 |
We will issue further details shortly, including the launch date. We are making a number of other improvements to our package across a number of LTV bandings – full details to follow.
Please continue to help us help your customers by ensuring that your applications are fully packaged as this will speed up your application to offer time
PROGRESSIVE NEW RATES FROM 10TH JUNE 2024
Please find attached our new lending rates which will take effect from Monday 10th June @ 10.00am. We are delighted to announce that we have re-introduced a 95% LTV product for House Purchase.
Our new rates are noted in red on the attached document. You will note the main changes are as follows:
- House Purchase – 2 year rates improved at 75, 80, 85 & 90% LTV
- Re-Mortgage – 2 year rates improved at 80, 85 & 90% LTV
- Re-Introduction of 95% LTV House Purchase Product (variable rate)*
- Some 2 Year & 3 year Product Transfer Fixed Rates has been increased
Please continue to help us help your customers by ensuring that your applications are fully packaged in line with the attached guidance this will help in to speed up your application to offer
As always, we appreciate your ongoing support. Please do not hesitate to contact me should you have any queries or wish to discuss a case
*Max loan available is £275,000, subject to affordability & maximum income multiple