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Post Office Re-Enters Buy To Let Market

Press release   •   Feb 12, 2014 13:29 GMT

- Post Office Mortgages continues to grow with the launch of competitive fixed rate Buy to let deals from February 14th 2014


Post Office, along with its financial services partner, Bank of Ireland, has today announced the launch of a series of Buy to Let mortgage deals, cementing its position as one of the leading challengers to traditional high street mortgage lenders.

The new offering will include a strong range of fixed rate products, with deals at both 60% and 75% LTV for 2, 3 and 5 year mortgages. Certain deals come without an arrangement fee and include a free valuation and legal package.

Post Office has continued to address the challenges and opportunities presented by the market since the launch of its mortgage offering in 2009. This latest move will support the business in its plans for growth, and provide further choice for borrowers in a competitive market.

The new deals will be available online or over the phone from February 14th 2014.

John Willcock, Head of Mortgages at Post Office said: “Post Office’s mortgage offering has gone from strength to strength since its launch. We constantly review our product range and move quickly to respond to customer demand and changes in the market. There has been a significant increase in the demand for buy to let mortgages in the last 12 months as more borrowers begin to consider the rental market.

“We are committed to offering all borrowers competitive mortgages that address their needs – whether they’re a first-time buyer, someone looking to move up the property ladder, or someone looking to take out their first buy to let mortgage.”

Mike Joyce, Director Consumer Banking at Bank of Ireland UK said: “We are delighted to enhance the range of products offered through our longstanding partnership with the Post Office. Bank of Ireland UK is committed to introducing innovative and competitively priced products to benefit our customers, as well as generate business growth and long-term value for both organisations.”

Customers wanting further details on Buy to Let deals should visit www.postoffice.co.uk/mortgages from 14th February 2014.

FULL DETAILS OF ALL BUY TO LET MORTGAGES AVAILABLE:

For more information, please contact:

Carmel McCarthy
Post Office Press Office
Phone: 0207 250 2268

Mobile: 07717294529
Email: carmel.mccarthy@postoffice.co.uk

Twitter: @postofficenews

Customers can access information about the new Buy to Let mortgage range and rates online at http://www.postoffice.co.uk/mortgages from Friday, 14th February 2014.

Ends


Post Office introduced Mortgage Specialists to a number of larger branches in the UK. The Mortgage Specialists are able to discuss each individual’s needs and answer questions to help customers make an informed decision about the suitability of the products. In addition, the majority of customers will be able to get a decision in principle within minutes. First time buyers, those wishing to move, or customers looking to switch to a better deal will be able to book a free, no-obligation appointment in selected branches.

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 18 million customers a week and half of all small businesses. 93% of the total population live within one mile of a post office and 99.7% within three miles. 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 www.postoffice.co.uk

Post Office Mortgages are offered in partnership with Bank of Ireland UK, the financial services partner of the Post Office 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 2012 Bank of Ireland (UK) plc had a loan to deposit ratio of 77% with customer deposits of £23.3 billion utilised to fund customer lending of £18 billion (primarily comprising £12.6 billion of UK residential mortgages). In November 2010, in the UK Government's report 'Securing the Post Office network in the digital age', Bank of Ireland UK received the explicit support of the Coalition Government for its continued partnership with the Post Office.

About the Post Office

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 communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.

The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit http://www.postoffice.co.uk/.

Please note the Press Office team can only deal with enquiries from the media.  Unfortunately they do not have access to customer information so can not help with customer enquiries.

If you have an enquiry regarding any Post Office product or service please visit postoffice.co.uk or call 0845Local call rates apply. Call costs may vary depending on your service provider. Calls may be monitored or recorded for training and compliance purposes. 611 2970.