Press release -
POST OFFICE MONEY LAUNCHES MARKET-LEADING HELP TO BUY DEAL
- 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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