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Post Office Shakes Up The Mortgage Market With New Market Leading Deals

Press Release   •   Dec 02, 2013 09:00 GMT

- New two-year fixed rate deals climb straight to the top of the best buy tables
- New 90% LTV deals ideal for First-Time Buyers (FTBs)


Post Office has launched a range of new market leading mortgage deals, reinforcing its position as one of the most competitive providers in the market. All new mortgages will be available to customers from today.

Today’s new deals include its 1.88% two-year fixed rate mortgage at 75% LTV (£1,495 fee) and a 2.28% two-year fixed rate deal at 80% LTV (£1,495 fee), which places them firmly at the top of the best buy tables. Other changes include a rate reduction on its two-year fixed rate mortgage at 90% LTV (£1,495 fee) for FTBs, along with two new additions to its 90% LTV range.

Full list of new deals:

  • Two-year fixed rate at 75% LTV – 1.88% (£1,495 fee)
  • Two-year fixed rate at 80% LTV – 2.28% (£1,495 fee)
  • Five-year fixed rate at 80% LTV – 3.29% (£1,495 fee)
  • Two-year fixed rate at 85% LTV – 2.78% (£1,495 fee)
  • Three- year fixed rate at 90% LTV – 3.94% (£995 fee)
  • Five-year fixed rate at 90% LTV – 4.29% (£1,495 fee)

John Willcock, Head of Post Office Mortgages, said: “Post Office’s mortgage offering continues to go from strength to strength – cementing our position as not only one of the most competitive lenders on the market, but also one of the fastest growing. Today’s announcement highlights our on-going commitment to put our customers first and offer great value mortgages, whether you are a first time buyer or looking to move.

“Finding the best mortgage can be a daunting task, especially if you’re a first-time buyer. For those that want some extra help during the buying process, our mortgage specialists in branch are on hand to offer support.”

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:

60% LTV Fixed Rates

Rate and Arrangement Fee

2 Year

1.63%
fixed

£1,995

2 Year

2.19%

fixed

£995

Fee Assisted

2 Year

2.49%

fixed

£0

Fee Assisted

3 Year

2.45%

fixed

£995

Fee Assisted

3 Year

2.69%

fixed

£0

Fee Assisted

75% LTV Fixed Rates

Rate and Arrangement Fee

2 Year

1.88%

fixed

£1,495

2 Year

1.98%
fixed

£995

2 Year

2.29%

fixed

£995

Fee Assisted

2 Year

2.59%

fixed

£0

Fee Assisted

3 Year

2.19%

fixed

£1,495

3 Year

2.32%

fixed

£995

3 Year

2.45%

fixed

£1,495

Fee Assisted

3 Year

2.55%

fixed

£995

Fee Assisted

3 Year

2.75%

fixed

£0

Fee Assisted

4 Year

3.09%

fixed

£995

5 Year

2.99%

fixed

£1,495

5 Year

3.35%

fixed

£995

5 Year

3.45%

fixed

£0

5 Year

3.45%

fixed

£995

Fee Assisted

5 Year

3.55%

fixed

£0

Fee Assisted

80% LTV Fixed Rates

Rate and Arrangement Fee

2 Year

2.28%

fixed

£1,495

2 Year

2.38%
fixed

£995

2 Year

2.69%

fixed


In August 2012 Post Office introduced Mortgage Specialists to four of its larger branches in the UK, and a further three branches in November 2012. 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 20 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 in 2012 have won the following awards from What Mortgage magazine – Best fixed Rate Provider and Best Online Lender for the third year, and recently have also received Best Online Lender from Your Mortgage for the fourth year running.

Post Office Mortgages are offered in partnership with Bank of Ireland 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.

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.