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Progressive launches Family Assist Mortgage

29 June, 2018

Progressive has launched a new mortgage product that aims to help first time buyers get on the property ladder and home movers move home with a little help from a relative.

The Family Assist range currently includes a savings account which family members can open and place money into for a fixed term, and the savings will be used as security against a Family Assist mortgage.

Darina Armstrong, Chief Executive of Progressive Building Society commented, “Having funded local home ownership for over 100 years, Progressive Building Society has a proud history of providing savings and mortgage products. We know that raising a deposit can be one of the biggest hurdles for people who are trying to become home owners or move home.

There are different products available which can enable house purchasers to get onto the property ladder with a little help from a relative, including the Family Assist mortgage and savings product at Progressive. These products may be an option if you can’t afford the full amount for a deposit and have a family member who is willing to support you take that first step on the property ladder or move home. At Progressive we want to provide our Members with flexible options in order to fulfil their dreams of becoming a home owner. We employ qualified mortgage advisors in each of our 12 branches across Northern Ireland and they work hard to ensure that our borrowers receive the support they need at every stage of the mortgage process.”

Find out more about Progressive’s Family Assist Mortgage.

Find out more about Progressive’s Family Assist Savings Account.

Key features of Progressive’s Family Assist product include:

  • Progressive’s Family Assist Mortgage offers borrowers a mortgage with as little as a 5% deposit which may be more competitive than other 95% LTV products
  • In return the borrower’s relative opens a Progressive Family Assist Savings Account for a period of 5 years
  • These savings are used as security against the borrower’s mortgage
  • The borrower’s deposit can be higher than 5% but the total combined value of the deposit and the savings must be equivalent to 25% of the property price
  • The Family Assist Mortgage is available to first time buyers and home movers

There are also other mortgage and savings products available for those wishing to help a relative purchase a home.

 Lending criteria, terms and conditions apply.

 Your home may be repossessed if you do not keep up repayments on your mortgage.

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