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Post Office to increase number of fee-free mortgages

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The Post Office has removed arrangement fees and reduced rates on a number of its direct-only mortgage products, available from today.

The biggest cut comes on its five-year fixed rate at 75% LTV, rates have been cut from 3.99% to 3.59% with the £1,495 arrangement fee also removed.

The announcement follows the Post Office’s decision to introduce ‘mortgage specialists’ into a number of its branches across the country, to allow customers to discuss its product range in branches.

Arrangement fees of £1,495 have also been removed from a number of other products, with valuation and legal work offered on two of its new range:
• Two-year fixed rate (no fee) at 3.65% (75% LTV)
• Three-year fixed rate (no fee) at 3.79% (75% LTV) includes valuation and standard legal work
• Five-year fixed rate (no fee) at 3.59% (75% LTV)
• Five-year fixed rate (no fee) at 4.09% (75% LTV) includes valuation and standard legal work

Mike Cook, head of mortgages at the Post Office, commented: “We constantly review our mortgage range to ensure we are offering customers choice and value for money.

“Many recent headline-grabbing rates have large booking or arrangement fees, and require a much larger deposit. Our new range means many customers with 25% deposit or less can benefit from great fixed rates with no arrangement fee, and some with valuation and legal fees included too.

“These deals will particularly help remortgage customers reduce their monthly payments without having to pay upfront fees.

“This move is the next step in giving customers a genuine alternative to major high street banks.”

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