View more on these topics

Post Office to offer mortgages

The Post Office has revealed that a mortgage product is under development to be offered through its joint venture with Bank of Ireland over the next two years.

Although no further details are available, this is one of many financial services products in the pipeline following the launch of unsecured personal loans last week.

The venture is equally owned by the Post Office and BoI with profits split evenly between the two.

David Mills, Post Office chief executive, says: “Research carried out amongst 20,000 customers clearly indicated a huge demand for financial services from a brand like ours. ” But brokers polled by Mortgage Strategy say they are unconcerned about any possible competitive threat from the Post Office.

Recommended

Tough negotiations can save thousands of pounds

Tough negotiation and reduced fees can save buyers as much as £24,750 on the average property price of £163,000, reveals the annual &#39Cost of Moving&#39 survey from The Woolwich. Over one-third of house buyers negotiated between 6% and 15% off the asking price. In addition, the cost of moving from a £150,000 home to a […]

MPLC and mortgageforce in sub-prime joint venture

Mortgages PLC is to launch a 50-50 joint venture with national franchise brokerage mortgageforce to offer sub-prime mortgages and loan products direct to the consumer. The operation, branded Spring Mortgages & Loans and headquartered in Derby, will see most of mortgageforce&#39s 128 franchisees market loans exclusively from MPLC under a separate trading name. Spring will […]

L&G adds to senior insurance team

Legal & General has appointed two members to its general insurance operations senior management team. Peter Richmond is appointed business development director. His role will encompass direct responsibility for all general insurance distribution channels, marketing and business systems. He was formerly operations and business systems director. Andrew Dawson will join Legal & General at the […]

Optoma increases Abbey proc fee

Optoma is increasing the proc fee for Abbey online submissions to 0.35%. The company says that this is to support the thousands of brokers who are now unable to claim through the Legal & General mortgage club. Andrew Seymour, chairman and chief executive at Optoma, says: “Brokers should be rewarded for submitting online as they […]

Newsletter

News and expert analysis straight to your inbox

Sign up