Post Office Announces Help To Buy Rates

- Both two and five year fixed deals come without fees

Post Office has today revealed details of its Help to Buy mortgage rates, following the business’ announcement that it had joined the Government’s scheme earlier this year (January 2014) with its financial services partner Bank of Ireland UK.

Post Office is offering two 95% LTV deals, which will be welcomed by first-time buyers and benefit from no arrangement fees. Its two-year fixed rate offer has a rate of 4.95% while the five year fixed deal comes at a rate of 5.35%. The rates will be available from Monday, 7^th April.

In its latest bid to challenge traditional lenders, The Post Office’s decision to join the Help to Buy scheme comes alongside other mortgage milestones, such as increasing its number of Mortgage Specialists in branch, and growing the product range.

John Willcock, Head of Post Office Mortgages, said:

“2014 is already proving to be an exciting year for Post Office mortgages, and we are pleased to announce our competitive Help to Buy rates as part of this. We are committed to offering the best deals possible for our customers, no matter what their needs.

“Every penny counts for first-time buyers looking to get on the first rung of the housing ladder. Our fee free deals will provide a helping hand for those in need of assistance, as they seek to realise their goal of becoming a homeowner. By strengthening our mortgage business, and offering buyers the opportunity to purchase a property in the way that best suits their needs, we hope to consolidate our position as a leading player in the market.”

Mike Joyce, Director Consumer Banking, Bank of Ireland UK, said:

“Bank of Ireland UK is pleased to be working with its long-term financial services partner, the Post Office, to provide competitive mortgage products to meet growing consumer demand. We believe it is important to support the first-time buyer market by increasing the supply of mortgage finance to assist people who aspire to own their own homes. Our participation in the Help To Buy scheme further strengthens our offering to the first time buyer market delivering competitive rates up to 95% LTV.

Customers can pick up information about Post Office’s mortgage range and rates online at http://www.postoffice.co.uk/mortgages or from one of over 11,500 Post Offices branches across the UK. Customers can also arrange a call-back from a mortgage specialist at the call centre, via all branches, or can call the Post Office directly on 0800 077 8033. To view the terms and conditions for the offer, please visit http://www.postoffice.co.uk

Ends

For more information, please contact:

Carmel McCarthy
Post Office Press Office
Tel: 020 7 250 2268
Mob: 07717 294529
carmel.mccarthy@postoffice.co.uk
Twitter @postofficenews @postofficenews

About the Post Office

About Post Office: 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 18million customers a week and a third of small businesses. 99.7% of the total population live within three miles of a post office. 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

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 and the leading supplier of foreign exchange in the marketplace.

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.

*** https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/31809/10-1260-securing-the-post-office-network.pdf