Mortgage with the Progressive

damianmcr

Hi folks,

Our current mortgage is with the Progressive. When our term is up what is involved in getting another deal with them?

Thanks

dsab

In our case I called Progressive directly about 2 months before our Fixed Rate was up, and asked what was outstanding and what the Value of our property was (according to their book), which they provide me with on the phone. They also explained that they were in communication with the Broker who got us the Mortgage, and that they would get in touch with us about 30 days before renewal was due.

And that's what happened. A few weeks later the Broker contacted us and asked what our plans were and told us what Progressive could offer after the fixed term was up. As we were close to the next lowest LTV threshold I asked how much I would have to "overpay" in order to get the lower rate, and within a day Progressive came back and said they would give us the lower rate anyway without overpaying, as we were so close to the lower threshold.

I verbally agreed on the phone, and three days later I had the confirmation from progressive in the mail. There were no further credit checks etc. The rate I got was pretty close to the lowest I could find online anyway, so moving to another Bank didn't seem worth the hassle.

All in all very happy with the process and the rate they gave us.

damianmcr

Thats pretty much what I wanted to hear. I hated applying for our mortgage and heard a normal remortgage isn't much different. Thanks very much.

murphy306

Progressive are really good, so long as you are up to date on payments or at least a few months good terms with them they will remortgage you easily and quickly.

damianmcr

Cheers murphy. I'll have no missed payments.

FUNKYDADDIO

Had last mortgage with progressive, really had to chase them to get their offer for renewal which hampered my search for a new deal elsewhere, that was a couple of years ago but my advice is to chase. Changing provider was actually really easy and smooth if you can find a better offer..