Post Office reduces rates and launches new deals
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The Post Office has reduced some of its rates by up to 0.34% and launched a two-year tracker and fee-saver deals.
The rate cuts apply across a range of LTV bands for two, three and five-year options, and the new two-year tracker deals are available at 90% LTV.
The Post Office has also launched a two-year fixed rate range with no upfront fees, for borrowers with a 25% and 15% deposit.
Starting from 3.48% with no arrangement fee, the deals also include a standard valuation, and for those looking to remortgage, standard legal fees are also covered.
For those with a slightly larger deposit, the Post Office has also added a second 65% LTV deal giving borrowers the choice of a two-year or the new three year fixed rate mortgage, which offers a rate of 3.35%.
The Post Office has also launched a new two-year fixed buy-to-let deal, with a rate of 4.78% at 65% LTV.
Some of the products the Post Office now offers include:
- Two-year fixed fee-free rate at 4.25% at 80% LTV
- Two-year fixed rate at 3.95% at 80% LTV
- Three-year fixed rates at 3.35% at 65% LTV and 5.69% at 90% LTV
- Five-year fixed rate at 4.95% at 85% LTV
- Two-year tracker at 4.69% at 90% LTV
Marco Hughes, director of Personal Lending at the Post Office, says: “We are committed to helping as many borrowers as possible find an affordable mortgage that meets their needs. According to the FSA statistics, 37% of borrowers are on a rate of 4.5% or more, and are put off switching due to the perceived high costs involved.
’Our new ‘fee saver’ two year fixed deals should particularly help borrowers looking to remortgage, whilst for first time buyers with a 15% deposit, it significantly reduces the overall cost of buying a house.”
“Many of our mortgage deals are currently Best Buys, reflecting our promise to offer competitive market leading rates. As we continue to expand the range of mortgages on offer, we stand by our values of providing transparent fees and giving long term value for the life of the mortgage.”
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