It is also cutting rates on a number of its fixed rate products while reducing or removing arrangement fees on selected products.
The new mortgages are as follows:
- Three year fixed rate (£995 fee) at 2.68% (75% LTV)
- Five year (£995 fee) fixed rate at 2.74% (60% LTV)
- Five year (£995 fee) fixed rate at 2.98% (75% LTV)
- Five year (£0 fee) fixed at 4.55% (90% LTV)
John Willcock, Head of Post Office Mortgages, said:
“These mortgage rates are among the most competitive deals available in the market. We are committed to helping as many borrowers as possible find an affordable mortgage that meets their needs. This commitment is reflected in the service and rates we are able to offer which appeal to all types of borrowers, whether they are a first time buyer with a small deposit, a mover or a remortgage customer with more equity.
“Many of the five year fixes have fantastic rates and are typically for borrowers with a larger 25% to 40% deposit. If you only have a 10% deposit, our 4.55% five year fixed rate offers excellent value and with no arrangement fee to pay. This deal protects borrowers from any potential bank base rate rises during the fixed rate period. Reducing upfront fees across a number of our fixed rate deals also gives remortgage customers’ peace of mind with set monthly payments over the coming years.”
