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Post Office launches 2.99% five-year fix up to 75% LTV

The Post Office is launching a five-year fixed rate mortgage at 2.99 per cent up to 75 per cent LTV.

The five-year fix comes with a £1,495 fee and a reduced rate of 2.99 per cent, down by 0.2 per cent from 3.19 per cent.

Two new products with no arrangement fee are also being launched by the direct-only lender.

A three-year fixed rate of 3.19 per cent is available from today up to 60 per cent LTV with no fee. A five-year fixed rate of 3.25 per cent up to 60 per cent LTV is available with no fee.

Post Office head of mortgages John Willcock says: “We constantly review our mortgage range to ensure our customers receive the best possible value along with great service. A five year mortgage under three per cent is extremely good value, and many of the best competitor offers, recently introduced, require a further 15 per cent deposit and £2,000 fee.

“We are also aware that customers who want a smaller loan can be put off by paying arrangement fees, so we have expanded our comprehensive no-fee range. We have a broad range to suit first time buyers, movers and remortgage customers, from as little as 10 per cent deposit.”

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  • Phil 11th December 2012 at 12:00 pm

    It depends on your own circumstances, if you know what you are doing and they offer the best deal direct then go that route. A bokers role is to help you get a mortgage not necessarily to get the cheapest rate out there. They will ususally save you the hassle of taking time off work to apply direct adn do all the chasing on your behalf. Some people think that outweighs the slight saving you could make going direct. Others disagree, its a matter of choice.

  • shock horror 10th December 2012 at 7:27 pm

    What are your thoughts about Post Office? Tesco? etc.

    It seems a lot of broker supporting lenders get a hard time on here but they are broker supporting. Is it really the best advice to get a mortgage with your stamps? or clubcard points on your remortgage??

    Interested to hear what people think….