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Progressive Building Society has launched a new mortgage product aimed at encouraging prospective first-time buyers with a low deposit to become homeowners.
The new mortgage product is available to first time buyers who take their first mortgage with the Society, either through one of its twelve branches across Northern Ireland, or a mortgage broker. For as little as a 5% deposit, first time buyers could avail of a competitive rate. Furthermore, unlike many similar products currently available, this 95% LTV (loan to value) mortgage product is also available to those looking to purchase a new-build house.
Commenting on the new product, Declan Moore, the Society’s Operations Director said “First time buyers form a significant proportion of those purchasing a home, but raising a deposit is one of most difficult hurdles they face, so increasing numbers of first-time buyers are taking out mortgages with a lower deposit. Our new product is unique in that it’s available for first time buyers who are purchasing a new-build, as well as homes that have previously been lived in, because we recognise the need to support first time buyers as best we can, whatever their circumstances.”
First time buyers accounted for 55% of the total number of people purchasing a new home last year, but many young people still struggle to find the funds to become a homeowner. Through offering a product tailored towards meeting the needs of current first-time buyers, Progressive has shown its support and dedication for Northern Ireland’s future generations.
Declan continued: “As a building society, our Members and customers are at the heart of everything we do, and we are dedicated to helping them achieve their saving and home ownership goals. We continuously review the needs of customers and the market, which enables us to provide the support and guidance first time buyers are looking for. Each of our twelve branches boast knowledgeable and experienced mortgage advisors who can provide those looking to purchase their first home with as much support and assistance as they need throughout the homeownership process, and beyond that, throughout the lifetime of their mortgage.”
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.