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Professional Mortgage

You’ve dedicated years to studying in order to get into the career you want and now you’ve finally made it! At Progressive, we understand how much hard work, dedication and money it takes to get into your chosen career, so we want to do what we can to reward your efforts. If you’ve got one of the jobs listed below, we’re offering a mortgage especially for you, allowing you to borrow more, at a better rate, helping you purchase your first home, or move up the property ladder as you move up the career ladder!

How to apply

To apply for a professional mortgage calculator, please contact your local branch to speak to a qualified mortgage advisor.

Branch Finder

Eligibility

You may be eligible for a professional mortgage if you are looking to purchase your own home or remortgaging in Northern Ireland and are one of the following:

  • An accountant
  • An actuary
  • An architect
  • A barrister
  • A doctor
  • A dentist
  • An optometrist
  • A pharmacist
  • A solicitor
  • A vet

If you are a first-time buyer, our Professional Mortgage will enable you to borrow up to 95% of the property value or purchase price, whichever is lower.

We also offer enhanced income multiples for our Professional Mortgage Product up to 5.00 times single or joint income. See income multiples below for first time buyers.

Loan to Value (LTV)

Usual income multiple (single or joint)

Professional Mortgage Max income multiple* (single or joint)

Up to 80% LTV

4.25

5.00

Up to 85% LTV

4.00

4.75

Up to 90% LTV

4.00

4.50

Up to 95% LTV

3.75

3.90

 

If you are a home mover or remortgage customer, our Professional Mortgage will enable you to borrow up to 85% of the property value or purchase price, whichever is lower. See below income multiples for home movers and remortgage.

Loan to Value (LTV)

Usual income multiple (single or joint)

Professional Mortgage Max income multiple* (single or joint)

Up to 80% LTV

4.25

5.00

Up to 85% LTV

4.00

4.75

 

 

Professional Mortgage products

If you are a first-time buyer, our Professional Mortgage will enable you to borrow up to 95% of the property value or purchase price, whichever is lower.

Type of mortgage

LTV (Loan to Value)

2 Year Variable Rate Product*

2 Year Fixed Rate Product

5 Year Fixed Rate Product

Fees

House Purchase

Up to 80% LTV

1.74%

2.19%

2.24%

Free

House Purchase

Up to 85% LTV

1.84%

2.29%

2.34%

Free

House Purchase

Up to 90% LTV

2.19%

2.59%

2.99%

Free

House Purchase

Up to 95% LTV

2.99%

3.49%

3.79%

Free

Remortgage

Up to 60%

1.49%

1.99%

2.20%

Free

Remortgage

Up to 75%

1.64%

2.04%

2.40%

Free

Remortgage

Up to 80% LTV

1.74%

2.15%

2.50%

Free

Remortgage

Up to 85% LTV

1.84%

2.34%

2.60%

Free

Our re-mortgage package offers a free valuation, no administration fee and free legal fees or £500 cashback on completion of the mortgage.

Further Information

Only available to borrower(s) earning in Sterling.

The Society will consider each case based on the individual circumstances of the applicant(s). We will consider professional applications for up to two applicants with at least one applicant meeting our professional criteria.

*The variable rates shown above include a discount below the Society’s SVR, currently 5.00%

All applications are subject to an affordability assessment.

Representative Example

Based on a start date of 10/02/2020, a mortgage of £152,950.00 payable over 35 years, initially on our 2.19% fixed rate until 09/02/2022, followed by our Standard Variable Rate currently 5.00% for the remaining 33 years and 1 months, would require 24 monthly payments of £521.71 and 397 monthly payments of £759.26.The total amount payable would be £313,425.55 made up of the loan amount plus interest of £160,475.55.The overall cost for comparison is 4.71% 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 12 branches. We look forward to hearing from you.

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We have 12 branches across Northern Ireland.

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