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Foreign Currency Mortgage

Foreign Currency Mortgage

Are you looking to purchase a home in Northern Ireland and earn in Euro or US Dollar? Or perhaps you are planning to re-mortgage and hold an asset (repayment strategy) in Euro or US Dollar? Then a Foreign Currency Mortgage from Progressive may suit you.

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.

Progressive Building Society only lends on properties within 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:

  • Are paid in Euro or US Dollar

Or

  • 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:

  • One applicant earns in Sterling and the other applicant earns in Euro
  • One applicant earns in Sterling and the other applicant earns in US Dollar
  • Both applicants earn in Euro
  • Both applicants earn in US Dollar
  • The applicant earns in Euro or US Dollar and holds an asset for an interest only mortgage in Sterling.
  • 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.

How to apply

Look at the Foreign Currency Mortgage products below, and contact your local branch to speak to a qualified mortgage advisor.

Branch Finder

Foreign Currency Mortgage Products

Type of mortgage

LTV (Loan to Value)

Product type

Rate

APRC

Fees

NI Co-Ownership

Up to 95% Equity Purchase

2 year variable discount

5.50%

8.47%

Free

NI  Co-Ownership

100% Equity Purchase

2 year variable discount

5.55%

8.48%

Free

NI  Co-Ownership

Up to 95% Equity Purchase

2 year fixed rate

5.55%

8.45%

Free

NI  Co-Ownership

100% Equity Purchase

2 year fixed rate

5.60%

8.46%

Free

NI Co-Ownership

Up to 95% Equity Purchase

5 year fixed rate

4.99%

7.46%

Free

NI Co-Ownership

100% Equity Purchase

5 year fixed rate

5.09%

7.50%

Free

House purchase

Up to 60%

2 year variable discount

5.14%

8.40%

Free

House purchase

Up to 75%

2 year variable discount

5.34%

8.44%

Free

House purchase

Up to 80%

2 year variable discount

5.50%

8.47%

Free

House purchase

Up to 85%

2 year variable discount

5.55%

8.48%

Free

House purchase

Up to 90%

2 year variable discount

5.70%

8.50%

Free

House purchase

Up to 60%

2 year fixed

5.20%

8.39%

Free

House purchase

Up to 75%

2 year fixed

5.40%

8.42%

Free

House purchase

Up to 80%

2 year fixed

5.55%

8.45%

Free

House purchase

Up to 85%

2 year fixed

5.60%

8.46%

Free

House purchase

Up to 90%

2 year fixed

5.80%

8.50%

Free

Remortgage

Up to 60%

2 year variable discount

5.38%

8.16%

Free

Remortgage

Up to 75%

2 year variable discount

5.38%

8.16%

Free

Remortgage

Up to 80%

2 year variable discount

6.04%

8.34%

Free

Remortgage

Up to 85%

2 year variable discount

6.08%

8.35%

Free

Remortgage

Up to 90%

2 year variable discount

6.19%

8.38%

Free

Remortgage

Up to 60%

2 year fixed

5.44%

8.43%

Free

Remortgage

Up to 75%

2 year fixed

5.44%

8.43%

Free

Remortgage

Up to 80%

2 year fixed

6.10%

8.56%

Free

Remortgage

Up to 85%

2 year fixed

6.14%

8.57%

Free

Remortgage

Up to 90%

2 year fixed

6.25%

8.59%

Free

Self-build

Up to 60%

3 year variable discount

6.74%

8.45%

Arrangement fee - £1495

Self-build

Up to 80%

3 year variable discount

7.24%

8.65%

Arrangement fee - £1495

 

Representative Example

Based on an assumed start date of 8/5/2024, a mortgage of £140,400.00 payable over 35 years, initially on our discounted variable rate of 5.14% for 2 years, followed by our Standard Variable Rate currently 8.74% for the remaining 33 years, would require 24 monthly payments of £721.17 and 396 monthly payments of £1,060.47.The total amount payable would be £437,254.20 made up of the loan amount plus interest of £296,854.20.The overall cost for comparison is 8.40% APRC.

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

Speak to our team today

We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.

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