Buy To Let
Post Office to increase number of fee-free mortgages
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.
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“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.”