Post Office expands range and cuts rates

Nia Williams

February 19, 2010

The rate changes will take effect immediately and will coincide with the launch of a new range of 75% loan-to-value (LTV) mortgages, including a tracker with a rate of 3.19%, and two, three, and five year fixed products starting at 3.89%.

All Post Office mortgage customers also benefit from a low fixed arrangement fee of just £599.

Post Office mortgages manager, Alastair Watts, said: “With speculation that we could see a rise in the bank base rate soon, we’ve acted early and improved the rates on our fixed rate mortgages to allow customers to lock into a great rate now. For existing homeowners, staying on their current SVR may seem like the best thing, but even ahead of any rises in the base rate we’d encourage them to look around to see if there’s a better deal available elsewhere.

“The addition of our new 75% LTV range means we can now offer mortgages to an even broader range of borrowers whilst continuing to provide competitive rates and long term value. All Post Office customers benefit from a fixed low arrangement fee, making it easier to work out the overall cost of a mortgage and not have to worry about any hidden fees or nasty surprises at the end of the mortgage term.”

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