The Society may consider lending you up to 4.00 times your single or joint income, however this is indicative only and subject to a full affordability assessment which takes account of your income and expenditure. If the loan you require exceeds 80% of the purchase price/value the income multiple reduces to 3.75 times your single or joint income. 

Loans which exceed 90% of the purchase price / valuation (whichever is lower) may require additional security in the form of a Higher Lending Charge.

A higher lending charge is an insurance policy designed to protect the lender against losses in cases where it lends an excess of the standard loan to value sum (frequently set at 75%). To explain this it is easier to provide an example. Progressive Building Society may have a maximum percentage loan to value of 75% but the borrower may require a loan of 90%. A Higher Lending Charge may be payable by the borrower for the difference i.e. 15% and a policy written with an insurer to cover this amount in the event of default and repossession.

The policy is normally a condition of making the loan where the loan to value is over 90% but it is the borrower who pays for it even though the policy is for the benefit of the lender. In the event of repossession and there being a mortgage loss to the lender, it can look to the insurance company which has underwritten the policy to cover its loss. However the insurance company will be entitled to pursue the borrower for the lenders losses.

Mortgage security will be required and a life assurance policy may also be required.

A written quotation on loans can be obtained by contacting your local branch.

These mortgage products may be withdrawn without notice.

What types of mortgage do we offer?

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.