Leading Mortgage Provider Post Office Introduces New Competitive Mortgages

- New market leading 90% LTV deals ideal for First-Time Buyers (FTBs)
- New market leading 75% LTV products

Post Office has launched a range of new market leading mortgage deals, continuing its position at the top of the best buy tables with some of the most competitive rates in the market. All new mortgages will be available to customers immediately.

Today’s new deals include:

• 3.48% two-year fixed rate mortgage at 90% LTV (£1,495 fee)
• 3.69% two-year fixed rate mortgage at 90% LTV (£995 fee)
• 4.25% three-year fixed rate mortgage at 90% LTV (£0 fee)
• 2.55% two-year fixed rate mortgage at 80% LTV (£995 fee)
• 2.68% three-year fixed rate mortgage at 80% LTV (£1,495 fee)
• 1.99% two-year fixed rate mortgage at 75% LTV (£1,495 fee)
• 2.24% three-year fixed rate mortgage at 75% LTV (£,1495 fee)
• 2.98% five-year fixed rate mortgage at 75% LTV (£1,495 fee)

These new offerings come alongside the recent announcement that Post Office will join the government’s Help to Buy Scheme with its financial services partner, Bank of Ireland UK, further developing its place as a leading challenger to traditional high street mortgage lenders.

As well as joining the Help to Buy Scheme, Post Office has announced it will increase its number of branch Mortgage Specialists to 100, to deal with ever increasing demand for face to face consultations nationwide.

John Willcock, Head of Post Office Mortgages, said: “The introduction of new rates, joining the governments Help to Buy Scheme, and our increased number of Mortgage Specialists highlights the Post Offices commitment to putting our customers first, and reinforces our position as not only one of the most competitive lenders on the market, but also one of the fastest growing.

“The Post Office continues to offer great value mortgages, supporting first-time buyers, movers and remortgage customers. All of our recent announcements are significant for the Post Office as it aims to become one of the top ten providers of mortgages in the UK. ”

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:

65% LTV

In August 2012 Post Office introduced Mortgage Specialists to four of its larger branches in the UK, and a further three branches in November 2012. The Mortgage Specialists are able to discuss each individual’s needs and answer questions to help customers make an informed decision about the suitability of the products. In addition, the majority of customers will be able to get a decision in principle within minutes. First time buyers, those wishing to move, or customers looking to switch to a better deal will be able to book a free, no-obligation appointment in selected branches.

Post Office Limited has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of many communities across the country. The Post Office has made a commitment to no more branch closure programmes. It provides around 170 different services and products spanning financial services including savings, insurance, loans, mortgages and credit cards. Post Office also offers Government services; telephony; foreign currency; travel insurance and mail services.

It serves around 20 million customers a week and half of all small businesses. 93% of the total population live within one mile of a post office and 99.7% within three miles. For many rural communities the post office is the only retail outlet. Post offices remain highly valued and trusted and are the focal point for many communities. For more information, visit www.postoffice.co.uk

Post Office mortgages in 2012 have won the following awards from What Mortgage magazine – Best fixed Rate Provider and Best Online Lender for the third year, and recently have also received Best Online Lender from Your Mortgage for the fourth year running.

Post Office Mortgages are offered in partnership with Bank of Ireland UK. Bank of Ireland UK has been the exclusive partner to the Post Office for the provision of financial services and products since 2003. The partners’ venture has become one of the UK’s fastest growing financial service providers with almost three million customers and a savings book of £18 billion.

Bank of Ireland has supported customers in the UK for many decades. Bank of Ireland UK plc, is a wholly owned subsidiary of Bank of Ireland Group, separately incorporated and is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Activities related to the Post Office partnership are conducted within this entity and as such, all retail deposits up to £85,000 with the Post Office are protected under the UK’s Financial Services Compensation Scheme and ring-fenced in the UK. At 31 December 2012 Bank of Ireland (UK) plc had a loan to deposit ratio of 77% with customer deposits of £23.3 billion utilised to fund customer lending of £18 billion (primarily comprising £12.6 billion of UK residential mortgages). In November 2010, in the UK Government's report 'Securing the Post Office network in the digital age', Bank of Ireland UK received the explicit support of the Coalition Government for its continued partnership with the Post Office.