The products are available immediately and the largest cut is to its five year fixed rate deal at 75% LTV, a reduction of 1.01% from 4.39% to 3.38%, making it best in market with a £995 fee.
New 65% LTV two and three year fixed rates with £995 fees also top the Best Buy tables. These three products are the lowest fixed rates ever offered by the Post Office.
The Post Office has also expanded its range of fee assisted products to help reduce the upfront costs involved with buying a property or switching an existing mortgage. It said that many deals have no arrangement or booking fees, offer £300 cashback, and can include free standard legal work and a standard valuation.
The Post Office said that it is committed to offering first time buyers, movers, and remortgage customers a wide range of choice and flexibility, with deals from 65% up to 90% LTV.
‘We're really pleased to be able to expand our range and offer some very low rates across our fixed rate and tracker mortgages for those with varying deposits. The Post Office mortgage book has grown significantly since launch and we're now looking to expand our business to a wider range of customers,’ said Mike Cook, head of Post Office Mortgages.
‘Our new mortgage range offers several Best Buy rates, and with a new selection of fee assisted products we are able to help people avoid the up front costs that can be so restrictive when looking to re-mortgage or move home. Some have no arrangement, standard valuation or standard legal fees, or include £300 cashback. Moneyfacts' data shows the average borrower's SVR is currently 4.80%, so our new range can offer significant savings over the life of a mortgage,’ he added.
