The Post Office has reduced rates on its 75% LTV five-year fix to 2.99%.
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.
The new mortgages are as follows:
- Three year 60% LTV fixed rate at 3.19% with no fee
- Five year 60% LTV fixed rate at 3.25% with no fee
- Five year 75% LTV fixed rate at 2.99% with £1,495 fee – rate cut from 3.19%
The new fixed rate products are open to movers, remortgage customers or first time buyers with a larger deposit.
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 3% is extremely good value, and many of the best competitor offers, recently introduced, require a further 15% 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% deposit.”