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Post Office Powers To The Top Of The Mortgage Tables

Press Release   •   Sep 02, 2014 14:35 BST

- Latest range includes market-leading branch exclusive

Post Office has launched a range of new mortgage deals today, including a number of market-leading products. This latest range highlights Post Office’s dedication to challenging traditional high street lenders by offering competitive products that suit a variety of customer needs. Several of the deals occupy the top spots in the best buy tables.

Post Office’s new range includes a branch exclusive which offers customers a two-year fixed deal at a rate of 2.58% and comes free of fees (75% LTV).

Other market-leading products available include:

  • 2.38% two-year fixed rate mortgage at 65% LTV (no fee)
  • 1.98% two-year fixed rate mortgage at 75% LTV (£995 fee)

Post Office has continued to position itself as a force to be reckoned with in the mortgage market over recent years. Notable milestones in 2014 alone include the unveiling of a highly competitive range available through brokers, signing up to the government’s Help to Buy scheme, recruiting over 100 mortgage specialists and re-entering the Buy to Let market.

John Willcock, Head of Post Office Mortgages, said: “In a competitive market it is important to stand out, and with our rates and service offering we are able to offer customers an alternative to traditional high-street lenders. Customers want to know they are in safe hands when it comes to taking out a new mortgage. A big part of this is ensuring they feel reassured by the service and information they receive – and that as well as knowing they are getting the best deal.

“At Post Office, we are always looking for opportunities to review our product range so that we can offer our customers the best mortgage possible to meet their needs. We recognise what an important and occasionally daunting process finding a new mortgage can be and so we offer customers support through every stage of the process.

“We are committed to offering customers the best deals and service across our full range of financial services products, whatever their needs. Whether they are looking for a new mortgage, current account, or way to manage their savings, we recognise that no two customers are the same. By giving them the choice of contacting us online, over the phone or in one of our 11,500 branches we are able to cater to their needs.”

Customers can pick up information about the new mortgage range and rates online at postoffice.co.uk/mortgages or from one of over 11,500 Post Office branches across the UK. Customers can also arrange a call-back from a mortgage specialist at the call centre, via all branches, or call the Post Office directly on 0800 077 8033. Terms and condition can be found at postoffice.co.uk.

FULL DETAILS OF ALL MORTGAGES AVAILABLE:

Post Office Mortgages New Business Product Range

Standard Mortgage Product Range

65% LTV Fixed Rates

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

2 Year

2.38%
fixed

until 31/08/2016 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.2% APR

65%

£0

75% LTV Fixed Rates

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

2 Year

1.98%
fixed

until 31/08/2016 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.2% APR

75%

£995

3 Year

2.89%
fixed

until 30/09/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.2% APR

75%

£995

3 Year

3.19%
fixed

until 30/09/2017 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.2% APR

75%

£0

5 Year

3.28%
fixed

until 30/09/2019 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.2% APR

75%

£1,495

80% LTV Fixed Rates

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

5 Year

4.09%
fixed

until 30/09/2019 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.4% APR

80%

£0

85% LTV Fixed Rates

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

5 Year

4.79%
fixed

until 30/09/2019 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.7% APR

85%

£0

90% LTV Fixed Rates

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

5 Year

5.25%
fixed

until 30/09/2019 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.9% APR

90%

£0

2 year tracker

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

2 Year

1.74%
variable

which is Bank of England Base Rate plus 1.24%
until 31/08/2016 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.2% APR

60%

£995

2 Year

1.95%
variable

which is Bank of England Base Rate plus 1.45%
until 31/08/2016 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.2% APR

75%

£995

Help to Buy Mortgage Product Range

95% LTV Fixed Rates

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

2 Year

4.95%
fixed

until 31/08/2016 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

4.7% APR

95%

£0

5 Year

5.35%
fixed

until 31/08/2019 then 4.49% variable
which is Bank of England Base Rate plus 3.99%
for the rest of the mortgage term

5.0% APR

95%

£0

Buy to Let Mortgage Product Range

60% LTV Fixed Rates

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

3 Year

3.39%
fixed

until 30/09/2017 then 4.99% variable
which is Bank of England Base Rate plus 4.49%
for the rest of the mortgage term

4.9% APR

60%

£1,995

3 Year

3.99%
fixed

until 30/09/2017 then 4.99% variable
which is Bank of England Base Rate plus 4.49%
for the rest of the mortgage term

4.8% APR

60%

£0

5 Year

4.09%
fixed

until 30/09/2019 then 4.99% variable
which is Bank of England Base Rate plus 4.49%
for the rest of the mortgage term

4.8% APR

60%

£995

75% LTV Fixed Rates

Rate and Term

The Overall Cost for Comparison is

Loan to Value

Arrangement Fee

3 Year

3.89%
fixed

until 30/09/2017 then 4.99% variable
which is Bank of England Base Rate plus 4.49%
for the rest of the mortgage term

5.0% APR

75%

£1,995

3 Year

4.69%
fixed

until 30/09/2017 then 4.99% variable
which is Bank of England Base Rate plus 4.49%
for the rest of the mortgage term

5.0% APR

75%

£0

5 Year

4.39%
fixed

until 30/09/2019 then 4.99% variable
which is Bank of England Base Rate plus 4.49%
for the rest of the mortgage term

5.0% APR

75%

£995

Products available exclusively via branches

ENDS

For more information, please contact:
Carmel McCarthy
Post Office Press Office
Tel: 020 7 250 2268
Mob: 07717 294529
carmel.mccarthy@postoffice.co.uk
Twitter @postofficenews @postofficenews

About the Post Office

Post Office Limited has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of many communities across the country. The Post Office has made a commitment to no more branch closure programmes. It provides around 170 different services and products spanning financial services including savings, insurance, loans, mortgages and credit cards. Post Office also offers Government services; telephony; foreign currency; travel insurance and mail services.

It serves around 17million customers a week and a third of small businesses. 99.7% of the total population live within three miles of a post office. For many rural communities the post office is the only retail outlet. Post offices remain highly valued and trusted and are the focal point for many communities. For more information, visit http://www.postoffice.co.uk/

Bank of Ireland UK has been the exclusive partner to the Post Office for the provision of financial services and products since 2003. The partners’ venture has become one of the UK’s fastest growing financial service providers with almost three million customers and a savings book of £18 billion and the leading supplier of foreign exchange in the marketplace.

Bank of Ireland has supported customers in the UK for many decades. Bank of Ireland UK plc, is a wholly owned subsidiary of Bank of Ireland Group, separately incorporated and is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Activities related to the Post Office partnership are conducted within this entity and as such, all retail deposits up to £85,000 with the Post Office are protected under the UK’s Financial Services Compensation Scheme and ring-fenced in the UK. At 31 December 2013 Bank of Ireland (UK) plc had a loan to deposit ratio of 86% with customer deposits of £20.9 billion utilised to fund netcustomer lending of £17.9 billion (primarily comprising £13 billion of UK residential mortgages). Bank of Ireland UK received the explicit support of the current Coalition Government for its continued partnership with the Post Office and in August 2012, all parties to the relationship agreed to an extension of the contract to a minimum of 2023.

*** https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/31809/10-1260-securing-the-post-office-network.pdf