Post Office Fixed Rate Mortgage Rates Cut Again

The Post Office is reducing fixed rate mortgages for the fourth time this year, making its two, three and five year fixed rate mortgages “best buys”.

The Post office is strengthening its position in the mortgage market by making the fourth rate cut in its fixed rate mortgages this year. The new rates, which have been reduced by 0.1% for a five year fix come into effect today and place the Post Office in the “best buy” league for most of its fixed rate products.

The five year fixed rate is now offered at 4.84% with a requirement that buyers supply a 20% deposit. The Post offices’ two year fixed rate is now set at 3.15%, however a 25% deposit is required and borrowers can obtain a three year fixed rate at 4.09% when they supply a 40% deposit.

These mortgages are available online and from any of the 12,000 Post office branches throughout the UK.

Commenting on its ambitions to compete in the mortgage market, Post Office Director of Personal Lending, Marco Hughes, said:

“The Post Office is a committed player in the mortgage market, and we are constantly challenging the traditional high street lenders. To support this we are dedicated to growing and expanding our mortgage range and expect to announce further new rates and products in the near future.”