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POST OFFICE MONEY LAUNCHES MARKET-LEADING HELP TO BUY DEAL

Press release   •   Feb 23, 2015 13:02 GMT

  • Latest mortgage range include market-leading Help to Buy deal
  • New cashback offer introduced across a number of 85% and 90% LTV offers
  • Competitive rates mark Post Office Money's intention to become one of the leading financial services providers by 2020

Post Office Money has staked its claim on the mortgage market with the latest additions to its mortgage range under the new Post Office Money brand. New products include a market-leading Help to Buy product and the introduction of cashback on certain deals for the first time.

Its new Help to Buy deal is ideal for first-time buyers; the two-year fixed rate offer (95% LTV) comes at a rate of 3.98% and without an arrangement fee.

The introduction of £1,000 cashback across a number of its fixed-rate 85% and 90% LTV mortgages marks another first for the business.

These include:

85% LTV Fixed Rates

  • 2.75% two-year fixed rate mortgage (£995 arrangement fee) - £1,000 cashback
  • 3.15% two-year fixed rate mortgage (no fee) - £1,000 cashback
  • 3.45% five-year fixed rate mortgage (£995 arrangement fee) - £1,000 cashback
  • 3.95% five-year fixed rate mortgage (no fee) - £1,000 cashback

90% LTV Fixed Rates

  • 3.39% two-year fixed rate mortgage (£995 arrangement fee) - £1,000 cashback
  • 3.55% two-year fixed rate mortgage (£995 arrangement fee) - £1,000 cashback
  • 3.95% five-year fixed rate mortgage (£995 arrangement fee) - £1,000 cashback
  • 4.35% five-year fixed rate mortgage (no fee) - £1,000 cashback

These deals, which will be available from Monday 23rd February, mark the latest enhancements to Post Office Money's product range since the launch of the brand and its commitment to making it easier for customers to buy or manage their financial needs. The new name brings together all of Post Office Money's multi-award winning products under one umbrella as it seeks to take on the traditional high street banks.

John Willcock, Head of Post Office Money Mortgages, said: "Whether buying a first home or taking the second step, climbing the property ladder can sometimes seem like an uphill battle. Last year, Post Office Money research found the average property earned more than the average worker - so it is no wonder that so many potential buyers feel intimidated by the current state of the market. We are always looking for ways to help our customers, and are pleased to be able to offer a helping hand with our latest Help to Buy deal and cashback offers.

"It is our intention that Post Office Money consistently provides new and competitively rated mortgages by responding to the needs of our customers and the wider market."

Customers can pick up information about the new mortgage range and rates online at postoffice.co.uk/mortgages or from one of over 11,500 Post Office branches across the UK. Customers can also arrange a call-back from a mortgage specialist at the call centre, via all branches, or call the Post Office directly on 0800 077 8033. Terms and condition can be found at postoffice.co.uk.

FULL DETAILS OF ALL MORTGAGES AVAILABLE:

Standard Mortgage Product Range
60% LTV Fixed Rates
Rate and Term The Overall Cost for Comparison is Loan to Value Arrangement Fee Features Early Repayment Charges
2 Year 1.37%
fixed
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.1% APR 60% £1,995 No Higher Lending Charge 3% of the sum repaid
until 31/03/2017
3 Year 2.09%
fixed
until 31/03/2018 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.0% APR 60% £1,495 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2018
5 Year 2.55%
fixed
until 31/03/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
3.9% APR 60% £1,495 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
5% of the sum repaid
until 31/03/2020
5 Year 2.83%
fixed
until 31/03/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
3.9% APR 60% £0 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
5% of the sum repaid
until 31/03/2020
75% LTV Fixed Rates
Rate and Term The Overall Cost for Comparison is Loan to Value Arrangement Fee Features Early Repayment Charges
2 Year 1.63%
fixed
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.1% APR 75% £1,495 No Higher Lending Charge 3% of the sum repaid
until 31/03/2017
2 Year 1.75%
fixed
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.1% APR 75% £995 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2017
2 Year 1.99%
fixed
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.1% APR 75% £0 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2017
3 Year 2.25%
fixed
until 31/03/2018 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.0% APR 75% £995 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2018
3 Year 2.55%
fixed
until 31/03/2018 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.0% APR 75% £0 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2018
5 Year 2.79%
fixed
until 31/03/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
3.9% APR 75% £995 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
5% of the sum repaid
until 31/03/2020
5 Year 2.95%
fixed
until 31/03/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
3.9% APR 75% £0 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
5% of the sum repaid
until 31/03/2020
80% LTV Fixed Rates
Rate and Term The Overall Cost for Comparison is Loan to Value Arrangement Fee Features Early Repayment Charges
2 Year 1.98%
fixed
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.1% APR 80% £995 Higher Lending Charge paid by Lender
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2017
5 Year 2.98%
fixed
until 31/03/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.2% APR 80% £995 Higher Lending Charge paid by Lender
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
5% of the sum repaid
until 31/03/2020
85% LTV Fixed Rates
Rate and Term The Overall Cost for Comparison is Loan to Value Arrangement Fee Features Early Repayment Charges
2 Year 2.38%
fixed
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.2% APR 85% £995 Higher Lending Charge paid by Lender
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2017
2 Year 2.75%
fixed
until 30/06/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.3% APR 85% £995 Higher Lending Charge paid by Lender
£1000 Cashback paid to
solicitor with advance
Standard Valuation Fee paid by Lender
Minimum Loan £50,000
3% of the sum repaid
until 30/06/2017
2 Year 3.15%
fixed
until 30/06/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.3% APR 85% £0 Higher Lending Charge paid by Lender
£1000 Cashback paid to
solicitor with advance
Standard Valuation Fee paid by Lender
Minimum Loan £50,000
3% of the sum repaid
until 30/06/2017
5 Year 3.49%
fixed
until 31/03/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.2% APR 85% £995 Higher Lending Charge paid by Lender
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
5% of the sum repaid
until 31/03/2020
5 Year 3.45%
fixed
until 30/06/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.2% APR 85% £995 Higher Lending Charge paid by Lender
£1000 Cashback paid to
solicitor with advance
Standard Valuation Fee paid by Lender
Minimum Loan £50,000
5% of the sum repaid
until 30/06/2020
5 Year 3.95%
fixed
until 30/06/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.4% APR 85% £0 Higher Lending Charge paid by Lender
£1000 Cashback paid to
solicitor with advance
Standard Valuation Fee paid by Lender
Minimum Loan £50,000
5% of the sum repaid
until 30/06/2020
90% LTV Fixed Rates
Rate and Term The Overall Cost for Comparison is Loan to Value Arrangement Fee Features Early Repayment Charges
2 Year 2.95%
fixed
until 30/06/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.3% APR 90% £995 Higher Lending Charge paid by Lender 3% of the sum repaid
until 30/06/2017
2 Year 3.19%
fixed
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.4% APR 90% £495 Higher Lending Charge paid by Lender
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2017
2 Year 3.39%
fixed
until 30/06/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.4% APR 90% £995 Higher Lending Charge paid by Lender
£1000 Cashback paid to
solicitor with advance
Standard Valuation Fee paid by Lender
Minimum Loan £50,000
3% of the sum repaid
until 30/06/2017
2 Year 3.55%
fixed
until 30/06/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.4% APR 90% £0 Higher Lending Charge paid by Lender
£1000 Cashback paid to
solicitor with advance
Standard Valuation Fee paid by Lender
Minimum Loan £50,000
3% of the sum repaid
until 30/06/2017
3 Year 3.49%
fixed
until 31/03/2018 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.4% APR 90% £995 Higher Lending Charge paid by Lender 3% of the sum repaid
until 31/03/2018
5 Year 4.05%
fixed
until 31/03/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.5% APR 90% £995 Higher Lending Charge paid by Lender
Standard Valuation Fee paid by Lender
5% of the sum repaid
until 31/03/2020
5 Year 3.95%
fixed
until 30/06/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.4% APR 90% £995 Higher Lending Charge paid by Lender
£1000 Cashback paid to
solicitor with advance
Standard Valuation Fee paid by Lender
Minimum Loan £50,000
5% of the sum repaid
until 30/06/2020
5 Year 4.35%
fixed
until 30/06/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.5% APR 90% £0 Higher Lending Charge paid by Lender
£1000 Cashback paid to
solicitor with advance
Standard Valuation Fee paid by Lender
Minimum Loan £50,000
5% of the sum repaid
until 30/06/2020
2 year tracker
Rate and Term The Overall Cost for Comparison is Loan to Value Arrangement Fee Features Early Repayment Charges
2 Year 1.39%
variable
which is Bank of England Base Rate plus 0.89%
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.1% APR 60% £1,495 No Higher Lending Charge 3% of the sum repaid
until 31/03/2017
2 Year 1.79%
variable
which is Bank of England Base Rate plus 1.29%
until 31/03/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.1% APR 60% £0 No Higher Lending Charge
Standard legal fees paid
by Lender (for remortgagers only)
Standard Valuation Fee paid by Lender
3% of the sum repaid
until 31/03/2017
Help to Buy Mortgage Product Range
95% LTV Fixed Rates
Rate and Term The Overall Cost for Comparison is Loan to Value Arrangement Fee Features Early Repayment Charges
2 Year 3.98%
fixed
until 30/06/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.5% APR 95% £0 Not applicable 3% of the sum repaid
until 30/06/2017
5 Year 4.95%
fixed
until 31/03/2020 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term
4.8% APR 95% £0 Not applicable 5% of the sum repaid
until 31/03/2020

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