Foreign Currency Mortgage
At Progressive, we can facilitate your mortgage requirements with a foreign currency mortgage. Your mortgage balance will be in sterling and monthly repayments will be in sterling also.
Foreign currency mortgages are available to customers who are purchasing a home, remortgaging, or financing a self-build, in Northern Ireland.
Eligibility
You may be eligible for a Progressive Foreign Currency Mortgage if you are 18 years old or over purchasing a home, remortgaging or financing a self-build in Northern Ireland and:
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Are paid in Euro or US Dollar, Or:
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You have an asset (repayment strategy) held in Euro or US Dollar which you will use to repay an interest only mortgage balance.
The Society can only accept one of the two foreign currencies per application, and either the income earned or an asset held for an interest-only mortgage in a foreign currency, but not a combination of both. Therefore, the following applications can be accepted:
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One applicant earns in Sterling and the other applicant earns in Euro
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One applicant earns in Sterling and the other applicant earns in US Dollar
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Both applicants earn in Euro
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Both applicants earn in US Dollar
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The applicant earns in Euro or US Dollar and holds an asset for an interest only mortgage in Sterling.
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The applicant holds an asset for an interest only mortgage in Euro or US Dollars and earns in Sterling.
Fluctuations in the exchange rate of the foreign currency may affect your mortgage repayments and/or the value of any assets you hold in a foreign currency. The Society will continuously review the exchange rate and will contact you by letter if the exchange rate moves against you by 20% or more.
To borrow with Progressive Building Society, you must be over 18. Whether we provide credit will depend on your circumstances. Lending terms and conditions apply. Progressive Building Society only lends on properties within Northern Ireland.
Your home may be repossessed if you do not keep up with repayments on your mortgage.
How to apply?
Book a mortgage appointment with one of our dedicated mortgage advisors. Appointments are available via video or telephone, and Saturday appointments are available.
You can also visit one of our 11 branches for more information.
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