0.99% Discount Variable Mortgage. 2 Year. 60% LTV. No fees. @ Progressive Building Society. (Northern Ireland)
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0.99% Discount Variable Mortgage. 2 Year. 60% LTV. No fees. @ Progressive Building Society. (Northern Ireland)

25
Found 14th JulEdited by:"myotherusernameisclean"
What makes this deal so good is that you get an amazing rate without any fees. You could potentially do it every 2 years if you believe the bank of england rate wont change too much in those 2 years.

The rates for other LTVs are market leading as well.

I believe this is the cheapest mortgage deal ever posted on HUKD for houses under £1million. (Fees may become less relevant over a certain amount.)

Available in Northern Ireland only.
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25 Comments
Too good to be true?
Any exit fees if rates rise and you want to switch?
I’m not Northern Ireland but interested in what everyone is doing with fixing in as I’m considering fixing for 10 years whilst rates are low but obviously could get cheaper deals just doing 2 and hoping they stay low. I’ve researched and read they predict a 1% rise over the next two years which makes my 10 year fix a good plan as in 2 years time the best I’d probably get on a short deal is what I’d already be fixed in for another 8 at.
B4rg4inseeker36 m ago

I’m not Northern Ireland but interested in what everyone is doing with f …I’m not Northern Ireland but interested in what everyone is doing with fixing in as I’m considering fixing for 10 years whilst rates are low but obviously could get cheaper deals just doing 2 and hoping they stay low. I’ve researched and read they predict a 1% rise over the next two years which makes my 10 year fix a good plan as in 2 years time the best I’d probably get on a short deal is what I’d already be fixed in for another 8 at.


Its a gamble nobody can tell you for certain what it would be. 10 yrs is a long time to be fixed in for. If selling becomes needful before the end of it, just be sure you are willing to pay the ERC, which may or may not be a big hit.
5 Year rates aren't too bad at moment
Jonnyblock8 h, 26 m ago

Any exit fees if rates rise and you want to switch?

Almost certainly yes, otherwise there would be no point in having the 2 year period.

I would use a (free) broker like l&c and find out from them if I were you.
kaizhu797 h, 25 m ago

Its a gamble nobody can tell you for certain what it would be. 10 yrs is a …Its a gamble nobody can tell you for certain what it would be. 10 yrs is a long time to be fixed in for. If selling becomes needful before the end of it, just be sure you are willing to pay the ERC, which may or may not be a big hit.


Thanks for your opinion. This mortgage can be ported to a new property so selling isn’t an issue and I’ll certainly still have a mortgage in 10 years time so I can’t see me settling early (unless there’s a large lottery win!). I’m self employed so I suppose I’m attracted to the certainty it gives - knowing I can afford the mortgage comfortably for the next 10 years is appealing.
B4rg4inseeker1 h, 24 m ago

Thanks for your opinion. This mortgage can be ported to a new property so …Thanks for your opinion. This mortgage can be ported to a new property so selling isn’t an issue and I’ll certainly still have a mortgage in 10 years time so I can’t see me settling early (unless there’s a large lottery win!). I’m self employed so I suppose I’m attracted to the certainty it gives - knowing I can afford the mortgage comfortably for the next 10 years is appealing.


If you were to move though, the likelihood is you'd upsize? It may be portable but the extra mortgage for the larger property would then be on SVR, making the overall deal potentially less palatable than moving off a 2 year deal onto a new one at a slightly higher rate than the 10 year deal with the chunk on SVR added.

Not against long fixes - we are just coming off a 5 year fix which worked for us over a period where we had two kids. Looking back we would have saved having three two year deals during that time, but the peace of mind was what we wanted. However we considered moving during this time, and the 3% fixed erc was a big issue. Broker came out last week and said he could count on two hands how many 5 year deals he's arranged the last 5 years.
Edited by: "DominicPTS" 15th Jul
DominicPTS40 m ago

If you were to move though, the likelihood is you'd upsize? It may be …If you were to move though, the likelihood is you'd upsize? It may be portable but the extra mortgage for the larger property would then be on SVR, making the overall deal potentially less palatable than moving off a 2 year deal onto a new one at a slightly higher rate than the 10 year deal with the chunk on SVR added.Not against long fixes - we are just coming off a 5 year fix which worked for us over a period where we had two kids. Looking back we would have saved having three two year deals during that time, but the peace of mind was what we wanted. However we considered moving during this time, and the 3% fixed erc was a big issue. Broker came out last week and said he could count on two hands how many 5 year deals he's arranged the last 5 years.


I’m with YBS and I had a house with a mortgage fixed for 5 years, moved after 1 year and they just gave me another top up mortgage (so I’ve a large and a small one), no penalties or fees and got a good rate on the second one. Things may have changed now though as that was 4 years ago now.
myotherusernameisclean2 h, 32 m ago

Almost certainly yes, otherwise there would be no point in having the 2 …Almost certainly yes, otherwise there would be no point in having the 2 year period.I would use a (free) broker like l&c and find out from them if I were you.


My HSBC tracker mortgage I'm on has no exit fees.
B4rg4inseeker18 m ago

I’m with YBS and I had a house with a mortgage fixed for 5 years, moved a …I’m with YBS and I had a house with a mortgage fixed for 5 years, moved after 1 year and they just gave me another top up mortgage (so I’ve a large and a small one), no penalties or fees and got a good rate on the second one. Things may have changed now though as that was 4 years ago now.


We did the same thing just a few weeks ago, so it's definitely possible.
Sorting a 10y with first direct which is market leading, well was when applying last week 2.49%, paying just a bit more than now but cut 3 years off, fixing for that length means it's easy to budget, plus there's no fees for the 10y, which is how it should be considering how much money I'm giving them
Jonnyblock11 h, 10 m ago

My HSBC tracker mortgage I'm on has no exit fees.


Thats only really comparable if it only tracks for a certain period (eg 2 years) and then goes to standard variable rate.
Is this also for BLT?

Kindest regards
DominicPTS14 h, 7 m ago

If you were to move though, the likelihood is you'd upsize? It may be …If you were to move though, the likelihood is you'd upsize? It may be portable but the extra mortgage for the larger property would then be on SVR, making the overall deal potentially less palatable than moving off a 2 year deal onto a new one at a slightly higher rate than the 10 year deal with the chunk on SVR added.Not against long fixes - we are just coming off a 5 year fix which worked for us over a period where we had two kids. Looking back we would have saved having three two year deals during that time, but the peace of mind was what we wanted. However we considered moving during this time, and the 3% fixed erc was a big issue. Broker came out last week and said he could count on two hands how many 5 year deals he's arranged the last 5 years.


No, Any extra amount would be either at the same rate, or a second fixed rate timed to finish in sync so they can be then combined. The risk with porting a mortgage is when you apply to do it, they reassess you like a new customer, and if you no longer qualify under their latest requirements then your stuck where you are.
Variable rate mortgage on the eve of Brexit, and this deal is hot!?!? You people are mad. A 2-year variable mortgage right now is a recipe for disaster.
CoumbBarr200015th Jul

Variable rate mortgage on the eve of Brexit, and this deal is hot!?!? You …Variable rate mortgage on the eve of Brexit, and this deal is hot!?!? You people are mad. A 2-year variable mortgage right now is a recipe for disaster.


If Brexit goes bad, I expect the bank of england interest rate will go down to encourage the economy. On yours and my part, its just guesswork.
Edited by: "myotherusernameisclean" 17th Jul
I would imagine it's always cheaper to go on 2 year fixes and shop around every 2 years. Most lenders will let you switch up to 3 months early (which they don't tend to advertise) so if you are worried about rates you can usually do that also. Remember that every time you switch you will have your house valued, which can often put you into different LTV brackets, which is a big factor when looking at rates. I agree with above though, if Brexit goes bad, BOE will reduce rates to stimulate again. I'd be more worried about keeping a job (may be worth looking at insurances to protect against this if this is something you are particularly worried about). FYI I am not a financial advisor, these are just my opinions.
Recently had to switch to a new deal with lloyds(current provider)

We have a ltv of about 35% and even though the rates were miles better elsewhere - when factoring in fees (and with some there are many) it worked out the difference was about £50 over 3 years.

Plus you dont have the hassle of 2 hours admin - payslips - valuation visits... etc etc

Annoying as our rate could have been 1.3% ish. And we’re stuck on 2% ish
myotherusernameisclean1 h, 33 m ago

If Brexit goes bad, I expect the bank of england interest rate will go …If Brexit goes bad, I expect the bank of england interest rate will go down to encourage the economy. On yours and minr part, its just guesswork.


I disagree. Interest rates are still historically very low, they can't go much lower. That's why I think it makes more sense to get a fixed rate now.
firstofficer11 h, 5 m ago

Is this also for BLT?Kindest regards


Just ham salad unfortunately
Just here for the armchair economist comments
kaizhu7914th Jul

Its a gamble nobody can tell you for certain what it would be. 10 yrs is a …Its a gamble nobody can tell you for certain what it would be. 10 yrs is a long time to be fixed in for. If selling becomes needful before the end of it, just be sure you are willing to pay the ERC, which may or may not be a big hit.


You can move your mortgage if you sell house ti by another one, obviously if you plan on downsizing you could end up with an exit fee. I've just fixed for 10 years @ 2.54% but only 5yrs into a 20yr mortgage so wont be looking to downsize in next 10.
Jonnyblock14th Jul

Any exit fees if rates rise and you want to switch?


Early Repayment Charges:2% of balance repaid in year 1, 1% of balance repaid in year 2
iamprobably14 h, 17 m ago

Just ham salad unfortunately



Oh, so not suitable for veggies like me?

Kindest regards
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