Post Office cuts mortgage rates 0.47pc

Robyn Hall

November 6, 2012

The new products will be available to customers immediately.

Post Office has also reduced its current best-selling product by 0.14%, which is a 5-year fixed rate at 75% LTV with no arrangement fee. At 3.45%, this product is now best in market with no arrangement fee. The biggest cut is to its three year fixed rate at 75% LTV from 3.45% to 2.98%.

The number of ‘fee saver’ products have been expanded across 2, 3 and 5-year fixed rates and will help reduce the upfront costs involved with buying a property or switching an existing mortgage.

These deals have no arrangement or booking fee and include free standard legal work and a standard valuation.

John Willcock, head of Post Office Mortgages, said: “At Post Office, we are constantly reviewing our mortgage offering to ensure we provide customers with the best value possible. We are pleased to be able to expand our current range to offer low interest rates and reduced fees on mortgages. In doing this, we hope to provide options to suit a variety of customers, whether they are first time buyers, homeowners looking to remortgage and those with varying deposits.

“We want to give all customers as much support as possible and as some lender-SVRs continue to increase, our fee-free options below four per cent will provide timely assistance to those wishing to remortgage and reduce their monthly mortgage payments.”

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