Brilliant Solutions

Progressive Building Society Update

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 Building Society Product Release

Progressive are delighted to announce the launch of a brand new mortgage product – our Joint Mortgage Sole Proprietor Mortgage (JMSP). This will be available from tomorrow – 12th April.

This product allows an applicant to buy a property with the assistance of a family member. The purchaser and the family member will be joint mortgage borrowers, however only the purchaser will be named on the title deed so they will not have any legal claim over the property, or any increase in value.

This product will be particularly useful for those who wish to buy a property, but their income may not be enough to secure the mortgage. By adding a family member to the mortgage, they may be able to borrow more than if they applied on their own. Second home stamp duty for the family member who is helping can be mitigated against, as they will not be legal owners however all parties will be required to take independent legal advice and we will not be able to provide advice or guidance on this.

Further information on the product, can be found on the attached leaflet.

This product can be applied for on our online mortgage portal – standard mortgage products can be selected (max 80% LTV). Please ensure that you make it clear in the notes section that it is a JMSP mortgage and highlight who the legal owner will be.

Normal lending criteria will apply to all parties on the mortgage.

Progressive Building Society Rate Changes

Our revised mortgage package which will take effect from 13th April 2022.

The main changes are as follows;

  • Selected 2 year fixed rates for product switches amended
  • All 3 and 5 year fixed rates for product switches amended
  • SVR will change to 5.00% from 1st May
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