Post Office Joins Help To Buy

- Number of Mortgage Specialists in branch increases to 100

Post Office is pleased to announce its intention to 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.

Since launching mortgages in 2009 the Post Office has continued to offer some of the best rates for first time buyers. In October it further reduced its five year fixed rate mortgage at 4.45% (90% LTV) providing those with a smaller deposit an opportunity to get their first foot on the property ladder.

Throughout 2013 the Post Office has remained at the top of the best buy tables with some of the most competitive rates in the market supporting first-time buyers, movers and remortgage customers.

As well as joining the Help to Buy Scheme, the Post Office will increase its number of branch Mortgage Specialists to 100, to deal with ever increasing demand for face to face consultations nationwide. This is a significant move for the Post Office as it aims to become one of the top ten providers of mortgages in the UK.

Post Office’s Mortgage Specialists mark its continued commitment to changing the way mortgages are sold throughout the network, by providing customers with a genuine alternative to major high street banks. Mortgage Specialists are available to discuss each individual’s needs and answer questions to help customers make informed decisions about products.

John Willcock, Head of Mortgages at Post Office said: “Joining the Help to Buy scheme is the latest in a series of steps to affirm Post Office as the go-to mortgage provider for those wanting to get their first foot on the property ladder. Coupled with the increased number of Mortgage Specialists to cope with unprecedented demand from movers, first-time buyers and those looking to re-mortgage, Post Office will provide more customers with the chance to speak to experts about the options available, consolidating its position as a leading player in the market.”

Nick Fahy, Distribution Director, Bank of Ireland UK commented: “Bank of Ireland UK is delighted to be joining the Help to Buy scheme with the Post Office, its long-term financial services partner.

Making Post Office Mortgages available through the government’s Help to Buy scheme is a natural step in our continued commitment to helping customers across the 11,500-strong branch network to gain access to a broad range of value for money financial products and services.

For more information, please contact:

Carmel McCarthy
Post Office Press Office
Phone: 0207 250 2268

Mobile: 07717294529
Email: carmel.mccarthy@postoffice.co.uk

Twitter: @postofficenews

Customers can pick up information about the new 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 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.

Post Office introduced Mortgage Specialists to a number of larger branches in the UK. 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, the financial services partner of the Post Office 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.