The Post Office has reduced rates on its 75 per cent loan-to-value (LTV) five year fix to 2.99 per cent, making it one of the best in the market place.
It has also expanded its mortgage range with two new products with no arrangement fee and the addition of a choice of three and five year fixed options available. All products are available to customers immediately.
The new mortgages are as follows:
- Three year 60 per cent LTV fixed rate at 3.19 per cent with no fee
- Five year 60 per cent LTV fixed rate at 3.25 per cent with no fee
- Five year 75 per cent LTV fixed rate at 2.99 per cent with £1,495 fee – rate cut from 3.19 per cent
The new fixed rate products are open to those looking to move, remortgage customers or first time buyers with a larger deposit. All three changes will offer customers some of the most competitive options in the market.
John Willcock, head of Post Office mortgages, said: “We constantly review our mortgage range to ensure our customers receive the best possible value along with great service. A five year mortgage under three per cent is extremely good value, and many of the best competitor offers, recently introduced, require a further 15 per cent deposit and £2,000 fee.
“We are also aware that customers who want a smaller loan can be put off by paying arrangement fees, so we have expanded our comprehensive no-fee range. We have a broad range to suit first time buyers, movers and remortgage customers, from as little as 10 per cent deposit.”
