Press release -
Post Office To Widen Mortgage Distribution
The Post Office in partnership with Bank of Ireland UK, its financial services partner, has today announced its intention to widen distribution through the Legal & General Mortgage Club.
The launch through the Legal and General Mortgage Club will initially be through its appointed representatives, before rolling out to their Nouveau and directly authorised brokers.
Post Office will offer a competitive range of First Time Buyer, mover, remortgage and Buy To Let products via a full online application system that offers decision in minutes, Application in Principal to full application and case tracking though the ‘Virtual Office’ online tool.
The Post Office Mortgages website postoffice4intermediaries.co.uk will be open for registrations from Thursday 8th May.
John Willcock Head of Mortgages at Post Office said: “Entering this relationship is a very important step for the Post Office as it shows we are continuing to challenge the mortgage market. Our business has gone from strength to strength over recent years, and this latest step will help to cement our position as a major player in the mortgage market.”
Alison Pallett Mortgage Product Director at Bank of Ireland commented: “We are excited to be partnering the Post Office Mortgages brand with Legal & General with whom we intend to build a reputation for offering competitive products backed by great service.”
Jeremy Duncombe Director of Legal & General Mortgage Club said: “Today’s announcement is further evidence of Legal & General’s ability to attract a major brand to our panel bringing increased choice for our appointed representatives, Nouveau and directly authorised mortgage brokers.”
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 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 2013 Bank of Ireland (UK) plc had a loan to deposit ratio of 86% with customer deposits of £20.9 billion utilised to fund net customer lending of £17.9 billion (primarily comprising £13 billion of UK residential mortgages). Bank of Ireland UK received the explicit support of the current Coalition Government for its continued partnership with the Post Office and in August 2012, all parties to the relationship agreed to an extension of the contract to a minimum of 2023.
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About the Post Office
The 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 communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.
The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit http://www.postoffice.co.uk/.
Please note the Press Office team can only deal with enquiries from the media. Unfortunately they do not have access to customer information so can not help with customer enquiries.
If you have an enquiry regarding any Post Office product or service please visit postoffice.co.uk or call 0845Local call rates apply. Call costs may vary depending on your service provider. Calls may be monitored or recorded for training and compliance purposes. 611 2970.
