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.