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.
New Mortgage Package wef 010723
Our revised mortgage package which will take effect from 1st July 2023.
You will note the main changes are as follows:
- Selected fixed and variable products for various product ranges re-introduced
- As indicated previously the Society’s SVR is changing to 7.99% from 1st July (all rates in the attached reflect the SVR change on 1st July)
You will note the changes to the mortgage package are identified in red in the attached document. I would be very much obliged if you could update your records accordingly.
Please further note that only products detailed on the attached will be available from 1st July 2023
New Rates from 1st July 2023
Our revised mortgage package which will take effect from 9.00am on 1st July. Please note that, whilst these products will be available on our application portal from 1st July, you may be unable to see the rates on the sourcing systems until Tuesday 4th July.
You will note the main changes are as follows:
- Re-introduction of House Purchase and Re-Mortgage Products up to 75% LTV
- Re-Introduction of Self Build Products up to 80% LTV
- Re-Introduction of NICO Products
- Re-Introduction of Foreign Currency House Purchase & Re-Mortgage Products up to 75% LTV
- All discounted variable rates and fixed rates for Product Switch amended. Please note that eligible Product Transfers from the current package can only be submitted until 8.00am on 1st July.
Change to Standard Variable Rate
Please note that, following the recent decision by the Bank of England to increase the Base rate, the Society’s Standard Variable rate will increase by 0.50% to 8.49% on 1st August 2023.
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.