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 Affordability Calculator
We are pleased to confirm that a new affordability calculator is now available for you to use via our intermediary website – www.
The affordability calculator is a downloadable document. Please ensure that you always download a new version of the calculator and do not use a saved version in case we make any changes to it.
Our calculator will help you assess the potential affordability of your clients in obtaining their mortgage. We have designed this so you can choose the type of case you wish to consider and allows you to breakdown their income and expenditure.
The affordability result will be dependent on the figures you input, so ensuring these figures are plausible will give a good indication to you of the ability they have to afford the loan.
Our calculator will allow you to input the rate of the mortgage you wish to apply for, but it will also automatically stress this to account for any potential rise in rates.
It also shows our maximum income multiples both standard and enhanced. In order for the case to be accepted, the displayed income multiple must meet the income multiple limits.
Please note that the calculator is a guide and we will still need to carry out a full underwriting assessment however we hope it will help you clearly see the maximum income potential for your clients.