In addition, Post Office Mortgages now offers 85 per cent LTV deals, has cut rates across its other mortgages for the fifth time this year, and introduced a new ‘fee free’ five year fixed mortgage for existing homeowners looking to change their lender.
Like all Post Office mortgages, details of the new 90 per cent LTV range will be available over the telephone, from branches and at online. The range is available to both first time buyers and existing homeowners who need to remortgage. The two year and five year fixed rate mortgages offer ‘best buy rates’ at 5.45 per cent and 5.99 per cent respectively.
For those with a slightly larger deposit, the Post Office has also expanded its range with new 85 per cent LTV deals including a two, three and five year fixed and a tracker – again all offering ‘best buy’ rates.
Post Office director of personal lending, Marco Hughes, said: “Whilst there are existing 90 per cent deals available, many remain out of reach for most borrowers because the rates are too high. Instead, we’re offering more affordable rates that will allow more borrowers the opportunity to take out a mortgage with a smaller deposit. This should particularly help first time buyers. However, we are not forgetting those looking to move lenders and are offering a new ‘fee free’ range to help them too.
“The latest additions to our range and the further rate cuts reflect our commitment to offer our customers market leading rates. As a leading player in the market now offering more than 40 different mortgages, we believe in giving long term value for the life of the mortgage. This means being up front and transparent about any fees and clear about the rate you’ll get when the ‘fixed’ period is over.”
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