Press release -
Post Office Unveils Latest Mortgage Deals
- Rate reductions across a number of fixed rate products
Post Office has issued a fresh challenge to the mortgage market today with the launch of a range of competitive new mortgage rates. The deals highlight Post Office’s commitment to offering consumers an alternative to traditional high street lenders, with products to suit a variety of needs.
The changes to the product range spell particularly good news for first-time buyers, with rates reduced across several fee-free 85% and 90% LTV deals.
Products available from today include:
- 3.89% two-year fixed rate mortgage at 90% LTV (no fee)
- 4.45% three-year fixed rate mortgage at 90% LTV (no fee)
- 3.25% two-year fixed rate mortgage at 85% LTV (no fee)
- 3.39% three-year fixed rate mortgage at 85% LTV (£995 fee)
Post Office’s mortgage business has gone from strength to strength over the course of 2014, continuing the growth of recent years. Notable milestones include the expansion of its Mortgage Advisers in-branch initiative, and joining the government’s Help to Buy scheme and re-entering the Buy to Let market.
John Willcock, Head of Post Office Mortgages, said: “Choosing a mortgage is a big step, and involves careful research and consideration. Every buyer will have different needs, whether climbing the ladder for the first time, or looking to move. As a result, we recognise the importance of providing support at each stage of the journey. Our mortgages are available online, in-branch, and through brokers – meaning that we are able to offer consumers a real choice.
“Post Office provides competitive deals for any customer, whether they are searching for the lowest rates or a minimal arrangement fee. We are committed to offering a real alternative to the established mortgage providers in the UK.”
FULL DETAILS OF ALL MORTGAGES AVAILABLE:
65% LTV Fixed Rates |
|||||||||
Rate and Term |
The Overall Cost for Comparison is |
Loan to Value |
Arrangement Fee |
Features |
Early Repayment Charges |
Code |
|||
2 Year |
1.63% |
until 31/08/2016 then 4.49% variable |
4.1% APR |
65% |
£1,995 |
No Higher Lending Charge |
3% of the sum repaid |
RTT |
|
2 Year |
2.38% |
until 31/08/2016 then 4.49% variable |
4.2% APR |
65% |
£0 |
No Higher Lending Charge |
3% of the sum repaid |
RTU |
|
75% LTV Fixed Rates |
|||||||||
Rate and Term |
The Overall Cost for Comparison is |
Loan to Value |
Arrangement Fee |
Features |
Early Repayment Charges |
Code |
|||
2 Year |
1.88% |
until 31/08/2016 then 4.49% variable |
4.2% APR |
75% |
£1,495 |
No Higher Lending Charge |
3% of the sum repaid |
RTW |
|
2 Year |
1.98% |
until 31/08/2016 then 4.49% variable |
4.2% APR |
75% |
£995 |
No Higher Lending Charge |
3% of the sum repaid |
RTX |
|
2 Year |
2.58% |
until 31/08/2016 then 4.49% variable |
4.2% APR |
75% |
£0 |
No Higher Lending Charge |
3% of the sum repaid |
RTY |
|
3 Year |
2.33% |
until 31/08/2017 then 4.49% variable |
4.1% APR |
75% |
£1,495 |
No Higher Lending Charge |
3% of the sum repaid |
RTZ |
|
3 Year |
2.43% |
until 31/08/2017 then 4.49% variable |
www.postoffice.co.uk
... 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.
