Intrinsic has added Post Office for Intermediaries to its panel alongside the lender’s announcement of the launch of two new mortgage propositions.
The first, Post Office Family Link, gives would-be borrowers the option of raising a 10 per cent deposit against a close relative’s unencumbered property.
The second, Post Office Retirement Link, allows retired customers to take on a residential mortgage using part of their pension. This is only available as a capital and repayment (50 per cent LTV up to age 90) or interest only (30 per cent LTV up to age 80) and offers a maximum loan of £500,000.
Intrinsic Mortgage Network managing director Gemma Harle says: “According to research from the Institute for Fiscal Studies (IFS) two in three middle-income young people owned their own property 20 years ago. The same research shows that in 2015-16, this had dropped to just one in four. Such statistics serve to highlight how crucial it is new innovative products hit the market which are aimed at helping young people get onto the property ladder.
“For that reason, it is a real pleasure to add the Post Office with its original product range to our mortgage panel. Providers like the Post Office are helping to tackle the lack of young people owning their own homes.”