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 CO OWNERSHIP APPLICATIONS
What we did
Progressive recently launched a 100% Mortgage for Co-ownership applications.
What you told us
Our brokers asked if we would consider accepting the Co-ownership valuation report to avoid a 2nd valuation of the property being carried out. You told us that this can sometimes delay the application and can cause disruption for the vendor, having to provide access to 2 valuers.
What is changing?
- On receipt of your client’s application, we will request the valuation report directly from Co-ownership.
- Our valuers will carry out an assessment of the valuation provided (e.g. desk valuation or drive by), without the requirement for a second full valuation.
- Only in exceptional circumstances will our valuer need to visit the property.
We hope that this change to our process will speed up the offer process for your clients Co-ownership application and take away some of the disruption that vendors currently face when selling their property to a Co-ownership applicant (removing the need for 2 physical valuations in the majority of cases).