The new product from Progressive, Northern Ireland’s largest financial institution, can be used up to a loan value of £150,000 and is available to first time buyers and second steppers.
Declan Moore, head of sales and marketing at Progressive, said: “As the housing market starts to recover more and more people are planning to take their first steps onto the property ladder or are thinking about moving upwards but their ambitions are held back by the shortage of attractive mortgage deals available to those with a low deposit.
“Thanks to the Society’s new approach this need no longer be a stumbling block. Our offer of a 5% deposit linked to a loan of up to £150,000 is a particularly attractive opportunity for a first-time buyer.
“The new product also incorporates a provision for early capital repayments of up to 10% of the outstanding mortgage balance per annum, without penalty.”
As a mutual society Progressive said it is committed to coming up with practical solutions to benefit homebuyers in Northern Ireland.
“The housing market is now ready to recover from the stress and strain of falling house prices and we are in a position right now to lend to both new and second time buyers.
"Prospects for new home owners are improving and Progressive is in a position to lend so the opportunity to buy that property could be closer than you think.”
