Post Office Offers 90 Percent LTV Mortgages

The Post Office is to offer new 90% and 85% mortgages with market leading rates for two year and five year fixed rate products.

In its latest foray into the mortgage market, the Post Office will be offering a new range of mortgages with 90% LTV requirements. This means that borrowers will only need to supply a 10% deposit.

The 90% LTV mortgage range includes a two year fixed rate at 5.45%, a three year fix at 5.99%, a five year fixed rate at 5.99% and a tracker mortgage set at 5.49%. The two year and five year fixed rate mortgages offer ‘best buy rates’ at 5.45% and 5.99% respectively.

The new Post Office mortgage range also includes 85% LTV mortgages at competitive rates and a “fee free” five year fixed rate remortgage deal. There are also rate reductions in its other mortgage products, the fifth reduction in mortgage rates this year.

The Post Office is clearly intent on occupying a competitive position in the mortgage market by offering high LTV products with some of the lowest rates in the market. As Marco Hughes, Post Office Director of Personal Lending points out:

“The latest additions to our range and the further rate cuts reflect our commitment to offer our customers market leading rates. As a leading player in the market now offering more than 40 different mortgages, we believe in giving long term value for the life of the mortgage. This means being up front and transparent about any fees and clear about the rate you’ll get when the ‘fixed’ period is over.”

Details of the Post Office mortgages including information about the new 90% LTV range will be available over the telephone, from Post Office branches and at postoffice.co.uk from May 13th.