Progressive remortgage packages offer flexible products for properties in Northern Ireland, with as little hassle as possible. Its discounted and fixed-rate products include specialized lending for buy-to-let investors, and Higher Lending Charges are waived on all packages up to 90% Loan To Value.
The Progressive Building Society was formed in 1914 by a merger between 5 smaller organizations. Originally established to facilitate property ownership and investment in Northern Ireland, it currently operates from 11 branch offices and a regional network of agencies.
In 2005, The Progressive recorded total assets of £1.25 billion. It is ranked among the UK’s Top 20 building societies.
The Progressive remortgage deals in the table above could be the ideal way to:
- Profit from a discounted interest rate in the early years of the policy
- Free up capital for home improvements or an extension – these can increase both the value and letting potential of a property
- Overpay up to 10% of the total capital per annum, penalty-free
What is a remortgage?
A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:
- Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
- Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.
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