Progressive Building Society has partnered with not-for-profit organisation Co-Ownership to broaden its range of mortgage products to include a no deposit option.
With this new product, customers will be able to borrow 100% of the mortgaged share of the property they aim to buy, with the remaining share being rented from Co-Ownership.
The partnership has been formed in light of the steady growth in house prices in Northern Ireland over the last few years, a move which has made it increasingly difficult for first time buyers to get on the property ladder.
This new offering will help an increasing number of prospective owners to buy their own home, even if they don’t have a deposit. In essence, buyers will purchase the share of the property they can afford with the help of the mortgage from Progressive while Co-Ownership will buy the remainder.
Jane Millar, Head of Lending & Savings at Progressive Building Society, said: “Progressive Building Society are proud to partner with Co-Ownership, helping local people buy their own home. We have worked alongside Co-Ownership for many years and as a locally owned Building Society we are delighted to announce the launch of our no deposit mortgage products.
“These products will provide more opportunities to help local people onto the property ladder, without the need for a deposit.”
Co-Ownership is Northern Ireland’s regional body for shared ownership and has been helping people to become homeowners for over 45 years. It is a registered housing association and industrial & provident society, regulated and part-funded by the Department for Communities.
The not-for-profit organisation’s main focus is to help people become homeowners who cannot do so by themselves.
Glynis Hobson, Director of Customer Services at Co-Ownership, said, “
“We’re delighted that Progressive are bringing these great new products to the market which give local customers more choice if they need Co-Ownership’s help to become a homeowner. Mortgage providers offering competitive mortgage products is key for Co-Ownership. We look forward to continuing working together to support local customers becoming homeowners.
The new products are available directly from Progressive, where online mortgage appointments with a dedicated advisor are available on their website, or through a mortgage broker.
