Belfast Telegraph

Monday 21 April 2014

Progressive's 95% loan 'a boost for first-time buyers'

Northern Ireland's only homegrown lender has said it is bringing home ownership within reach of more people by introducing a new 95% mortgage.

Progressive Building Society said its new product could deliver a home loan of up to £150,000 based on 95% of the value of the property.

That leaves potential buyers only having to find a 5% deposit – lower than the increased levels of deposits demanded by lenders since the financial crisis began around 2008. The society said the product had been designed to boost the first-time buyer market but is also open to second-time buyers. It has an "affordable" rate of interest of 5.29% variable for a three-year period.