Post Office launches new tracker mortgage deals
As part of its ongoing commitment to becoming one of the UK's leading mortgage lenders, the Post Office has expanded its range further with the addition of two year trackers, fee-saver deals, and market leading two year fixed rates for buy to let.
Existing fixed rates have been reduced by up to 0.34%, and some of the best rates on offer are:
Two year fixed ‘fee-free' rate at 4.25% (80% LTV)
Two year fixed rate at 3.95% (80% LTV)
Three year fixed rates at 3.35% (65% LTV) and 5.69% (90% LTV)
Five year fixed rate at 4.95% (85% LTV)
Two year tracker at 4.69% (90% LTV)
The new rates and new products are available now (2 October), 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.
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% 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% to 15% deposit). From just 3.48% 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% 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%.
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% at 65% 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% of borrowers are on a rate of 4.5% 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% 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."