22
Jan
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.