UK Post Office cuts mortgage rate – again!

The Post Office has made a further rate cut to its three year fixed rate mortgage taking it to 5.34 per cent, creating the best deal of its kind on the high street.

The mortgage combines not only a leading rate, but also one of the lowest arrangement fees currently available at just GBP 399, and can be taken on up to 95 per cent of a home’s value, giving Post Office customers a market leading deal. A lending fee of GBP 195 is payable at either the beginning or the end of the mortgage term.

Bucking the trend of the current market, this is the third cut to the Post Office’s fixed rate mortgage since its launch at the end of 2007:

• September 2007 launched with rate of 6.09 per cent
• November 2007 – 5.64 per cent
• January 2008 – 5.48 per cent
• February 2008 – 5.34 per cent

The three year fixed rate deal is part of a range of mortgages being trialled by the Post Office in selected branches in the North. Its early success has now led the Post Office to extend the trial to other branches across the UK.

Post Office has also cut rates on its three year fixed buy-to-let and self-certification mortgages from 5.99 to 5.79 per cent, also making its self-certification product the best deal of its kind available.

The mortgage trial, launched in September 2007, 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.

The Post Office has made a further rate cut to its three year fixed rate mortgage taking it to 5.34 per cent, creating the best deal of its kind on the high street.

The mortgage combines not only a leading rate, but also one of the lowest arrangement fees currently available at just GBP 399, and can be taken on up to 95 per cent of a home’s value, giving Post Office customers a market leading deal. A lending fee of GBP 195 is payable at either the beginning or the end of the mortgage term.

Bucking the trend of the current market, this is the third cut to the Post Office’s fixed rate mortgage since its launch at the end of 2007:

• September 2007 launched with rate of 6.09 per cent
• November 2007 – 5.64 per cent
• January 2008 – 5.48 per cent
• February 2008 – 5.34 per cent

The three year fixed rate deal is part of a range of mortgages being trialled by the Post Office in selected branches in the North. Its early success has now led the Post Office to extend the trial to other branches across the UK.

Post Office has also cut rates on its three year fixed buy-to-let and self-certification mortgages from 5.99 to 5.79 per cent, also making its self-certification product the best deal of its kind available.

The mortgage trial, launched in September 2007, 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.

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 applies strict lending criteria and enforces appropriate checks before an offer is made.