The Post Office is to launch its range of mortgages along with its financial services partner, Bank of Ireland UK, on 2 June.
The range is available initially through the Legal and General Mortgage Club Appointed Representatives, and will cater to the needs of first time buyers or those looking to move. The rates start from 1.98% for a 2-year fixed and from 3.15% for a 5-year fixed, both carrying a £995 fee and available to 75% LTV.
For those looking to remortgage, the Post Office will offer a 2-year fixed at 2.58% or a 5-year fixed at 3.38% both of which come without product arrangement or value fee and will have legal fees paid by the lender.
First time buyers will also benefit from this new range with a higher LTV offering of a 3.79% 2-year fixed up to 90% LTV with a fee of £495. Longer term rates at 4.55% for a 3-year fixed and 4.95% for a 5 year fixed are also available both without product or valuation fees.
Buy to let products will also feature with a 2-year fixed from 3.15% with LTVs of 60% and 75%.
John Willcock head of mortgages at Post Office, said: “Buying a house is a big decision, and we recognise the importance of offering customers a choice in how they do this. Post Office’s competitive mortgages can be accessed through a number of channels, be it online, in branch or through a broker. We are continuing our journey of becoming one of the top ten providers of mortgages in the market by offering a great range of deals for potential homebuyers, whatever their situation.”
Alison Pallett, mortgage product director at Bank of Ireland, added: “This new product range, launching on Monday 2nd June, demonstrates our intention to be a serious contender in the mortgage market. We’re working hard to build a strong product proposition backed by our reliable and consistent online service offering.”
