Post Office to trial Mortgages
The Post Office today announced it will be trialing mortgages at selected branches in the North.
The trial follows a succession of well-received financial product launches by the Post Office which is now the fastest growing financial services provider in the UK. It has already attracted more than one million customers with its easy to understand and good value products.
As the mortgage market becomes ever more complex, the Post Office is investigating the need for straightforward mortgages with good initial and long term value and no hidden charges.
Three mortgage products will be available during the trial, led by a three year fixed rate product with an initial rate of 6.09 pct. Each of the products will have a transparent pricing structure, including a low cost fixed arrangement fee of GBP 399, no higher lending charges and a competitive reversion rate.
Post Office Mortgages are provided in conjunction with Bristol and West, the Bank of Ireland’s lending arm. As a responsible lender, the Post Office will apply strict lending criteria and enforce appropriate checks before an offer is made.
The products are as follows, led by a market leading three-year fixed rate mortgage with an initial rate of 6.09 pct.