- Post Office intends to lend £2.5bn to mortgage borrowers by year end
- Fifty mortgage specialists in place by end of June
- The Post Office has today launched a major assault on the mortgage market with its intention to lend £2.5bn by the end of the year.
Post Office will increase the amount it lends in response to unprecedented demand from movers, first-time buyers and those looking to remortgage. It will also build upon the success of its Mortgage Specialists service, launched in five branches in August 2012. Fifty mortgage specialists will be in place by the end of June, with plans to increase this number by the end of the year in branches across the country.
Post Office’s Mortgage Specialists mark its continued commitment to changing the way mortgages are sold throughout the network, by providing customers with a genuine alternative to major high street banks.
John Willcock, Head of Post Office Mortgages, said: “We want to become a top ten mortgage provider and continue to provide customers with some of the best mortgage deals in the market place. The market is growing and we fully intend to increase our presence in this space, by continuing to listen to our customers and offer the deals they want, in the way they want.
“We have seen our business grow considerably over the last six months. No two mortgage customers are the same, and by offering them the choice of taking out a mortgage online, through a contact centre, or face-to-face through one of our mortgage specialists, we are able to ensure that we’re providing the best possible service to those making one of the biggest financial decisions of their lives. The Post Office continues to position itself as a key challenger to the high street banks by putting the customer at the centre of everything we do.”
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 Offices 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. To view the terms and conditions for the offer, please visit postoffice.co.uk.
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 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.
Contact - Carmel McCarthy
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/.
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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.