22 Jan

Post Office reduces its mortgage rates

Post Office reduces its mortgage rates

The Post Office has announced that it will cut its introductory rates on a selection of products from both its tracker and fixed-rate ranges.

A five-year fixed-rate deal with a loan-to-value (LTV) of up to 80 per cent is now available at 5.25 per cent with a £599 arrangement fee, down from 5.75 per cent.

Tracker products are also falling, with a rate of 2.99 per cent available on a mortgage with an LTV of up to 60 per cent - a drop of 0.2 percentage points. The £599 arrangement fee also applies.

Head of lending at the organisation Az Alibhai commented: "These rate changes are a clear sign we are committed to offering competitive and market leading rates across our range, giving customers both great value and a wide range of choice."

Bank of England figures published at the beginning of January revealed that mortgage approvals rose in November last year, reaching 60,518, compared with 57,718 in October.ADNFCR-1222-ID-19571990-ADNFCR

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