London, UK (PRWeb UK) May 12, 2010
From tomorrow (13 May) borrowers with only a ten per cent deposit will be able to get a Post Office mortgage through a range of new 90% LTV deals, including two market leading mortgage interest rates for the two year and five year fixed rate mortgage products. In addition, Post Office Mortgages now offers 85% LTV mortgage deals, has cut mortgage rates across its other mortgages for the fifth time this year, and introduced a new 'fee free' five year fixed mortgages for existing homeowners looking to change their lender.
Like all Post Office mortgages, details of the new 90 mortgage LTV range will be available over the telephone, from Post Office branches and at postoffice.co.uk. The mortgage range is available to both first time buyers and existing homeowners who need to remortgage. The two year and five year fixed rate mortgages offer 'best buy mortgage deal rates' at 5.45% and 5.99% respectively.
The new 90 mortgage LTV range includes:
o Two year fixed rate mortgage at 5.45%
o Three year fixed rate mortgage at 5.99%
o Five year fixed rate mortgage at 5.99%
o Tracker mortgage at 5.49%
For those with a slightly larger deposit, Post Office Mortgages has also expanded its mortgage range with new 85% LTV mortgage deals including a two, three and five year fixed and a tracker mortgage- again all offering 'best buy' mortgage deals.
To help borrowers keep costs down further, Post Office Mortgages has cut the rates of all its fixed rate mortgages across its existing 75% and 80% LTV ranges, in some cases the fixed rate mortages have been cut by as much as 0.36%.
Furthermore, in a bid to help customers wanting to move away from their current provider and looking for the best mortgage deals from Post Office Mortgages, the Post Office is offering remortgage borrowers a 'fee free' mortgage deal on all its five year fixed rate mortgage products.
Post Office Director of Personal Lending, Marco Hughes, said: "Whilst there are existing 90% mortgage deals available, many remain out of reach for most borrowers because the mortgage rates are too high. Instead, we're offering more affordable mortgage rates that will allow more borrowers the opportunity to take out a mortgage with a smaller deposit. This should particularly help first time buyers looking for the best mortgage deals. However, we are not forgetting those looking to move lenders and are offering a new 'fee free' mortgage deal range to help them too.
For more information on the Post Office's new mortgage range watch this video with Doug Strachan, Financial Services Director at the Post Office: http://www.youtube.com/postoffice *
Customers can pick up information about the new mortgage range and rates online at postoffice.co.uk/mortgages or from any one of the 12,000 Post Offices branches across the UK, with dedicated staff available at over 250 larger branches to help customers with mortgage enquiries. Customers will also be able to arrange a call-back from a mortgage specialist at our call centre, via all branches. Customers can also call us directly on 0800 077 8033 or complete their application online at our award wining website.