Brilliant Solutions

The internet is down in our Head Office.  Staff continue to answer the phone and respond to messages but understandably response times and service standards are affected.  Please contact your Relationship Manager directly if you have any urgent issues.  Thank you.

Our office will be closed from 5pm Thursday, 20th October to 9am Friday, 21st October.
If you have any cases or enquiries that this may affect, please contact our team today. We apologise for any inconvenience.

We are currently experiencing some technical issues that are affecting our telephone lines and internet connection.

We hope to resolve this asap. Apologies for the inconvenience.

 

In honour of Her Majesty Queen Elizabeth II our offices will be closed on Monday 19th September while our staff pay their respects.

The office will re-open at 9am on Tuesday 20th September.

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.

Criteria Changes

I am delighted to share some new changes to our lending criteria – please do take a few minutes to read and come back to me if you have any questions.

Supporting Documents:

  1. Where the loan is up to 75% LTV and the applicant(s) is in an employment contract, we will accept at the most recent payslip and most recent bank statement for all bank accounts. 
  • Self Employed – For applications up to 75% LTV, 2 years accounts or SA302s/Tax Year Overviews may be accepted if appropriate. 

Enhanced income multiples & minimum income requirement

In addition to the application passing our affordability assessment, we will allow an enhanced income multiple to be applied, where the following minimum income requirement is met:

  • Sole application – minimum income requirement – £40,000 pa;
  • Joint application – minimum joint income requirement – £70,000 pa.

Where an applicant is employed, the minimum income requirement is based on the basic gross salary only and does not permit overtime, bonuses etc.  Where the applicant is self-employed, the minimum income is based on the most recent SA302 and Tax Year Overview.  We will not accept projected income to meet a minimum income requirement.

Our enhanced income multiples are as follows:

Loan to Value (LTV)

Enhanced income multiple (single or joint)

Up to 80% LTV

5.00

Up to 85% LTV

4.75

Up to 90% LTV

4.50

Up to 95% LTV

3.90

Holiday Homes

LTV increased to 80%

Lending in retirement

Applications for lending in retirement may be allowed up to the age of 80 years where the mortgage is on a repayment basis, or 75 years on an interest only basis.   

The maximum LTV for ‘lending in retirement’ is 70%.   

New Mortgage Package wef 14.12.21 

Please note the main changes are as follows-

  • 2 year variable rate for Family Assist product improved
  • 2 year fixed rate for Family Assist product improved

Last month the Society introduced a floored interest rate of 0.50% to all new discount variable rate products in our house purchase and remortgage range.  We have continued to introduce this to any variable products amended in this package.  The new products highlighted in red on the attached package will have a floor.  Please amend your records accordingly and attach a note to these products that the interest rate payable will not go below a floor of 0.50% during the initial discounted period.

New Mortgage Package

We are extending the LTV limit on our Self Build product from 75% to 80%.

  • 3 year variable rate for Self Build LTV now 80%
  • 3 year variable rate for Self Build (Foreign Currency) LTV now 80%
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