Existing fixed rates have been reduced by up to 0.34 per cent, and some of the best rates on offer are:
Two year fixed ‘fee-free’ rate at 4.25 per cent (80 per cent LTV)
Two year fixed rate at 3.95 per cent (80 per cent LTV)
Three year fixed rates at 3.35 per cent (65 per cent LTV) and 5.69 per cent (90 per cent LTV)
Five year fixed rate at 4.95 per cent (85 per cent LTV)
Two year tracker at 4.69 per cent (90 per cent LTV)
The new rates and new products are available now and customers can get further information online at postoffice.co.uk/mortgages or from any one of the 12,000 Post Offices branches across the UK, with dedicated staff available at over 300 larger branches to help customers with mortgage enquiries.
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.
The rate cuts apply across a range of LTV bands for two, three and five year options, and the new two year tracker deals are available from only 10 per cent deposit. These changes mean the new rates top the Best Buy tables in multiple categories.
To help borrowers keep costs down further, the Post Office has launched a two year fixed rate range with no upfront fees (from 25 per cent to 15 per cent deposit). From just 3.48 per cent with no arrangement fee, the deals also include a standard valuation, and for those looking to remortgage, standard legal fees are also covered.
For those with a slightly larger deposit, the Post Office has also added a second 65 per cent LTV deal giving borrowers the choice of a two year or the new three year fixed rate mortgage, which offers a Best Buy rate of 3.35 per cent.
For burgeoning and existing landlords, the Post Office has also launched a new two year fixed buy to let category, including a market leading 4.78 per cent at 65 per cent LTV, building on its three and five year fixed rates and lifetime tracker deals.
Post Office director of personal lending, Marco Hughes, said: “We are committed to helping as many borrowers as possible find an affordable mortgage that meets their needs. According to the FSA statistics, 37 per cent of borrowers are on a rate of 4.5 per cent or more, and are put off switching due to the perceived high costs involved. Our new ‘fee saver’ two year fixed deals should particularly help borrowers looking to remortgage, whilst for first time buyers with a 15 per cent deposit, it significantly reduces the overall cost of buying a house.”
“Many of our mortgage deals are currently Best Buys, reflecting our promise to offer competitive market leading rates. As we continue to expand the range of mortgages on offer, we stand by our values of providing transparent fees and giving long term value for the life of the mortgage.”
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