New Post Office Mortgages 'suit those with smaller deposit'

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New Post Office Mortgages 'suit those with smaller deposit'

Wed 12th May 2010

Potential homeowners currently being held back by the size of the deposit being asked of them may now be able to afford a deal with Post Office Mortgages, according to a representative from the organisation.

Marco Hughes, director of personal lending, made his comments as the company introduced a new 90 per cent loan-to-value (LTV) range, as well as extending its 85 per cent LTV offerings.

He remarked: "We're offering more affordable rates that will allow more borrowers the opportunity to take out a mortgage with a smaller deposit. This should particularly help first time buyers."

Among the 90 per cent LTV arrangements there are two, three and five-year fixed-rate deals at 5.45, 5.99 and 5.99 per cent interest respectively, while there is also a tracker available at 5.49 per cent.

Last month, Post Office Mortgages revealed that it had cut its rates every month of the year from January to April.

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