Post Office mortgage gets another rate cut

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Post Office mortgage gets another rate cut

Mon 25th Feb 2008

The Post Office has cut the rate on its three-year fixed-rate mortgage to 5.34 per cent, the third such decrease since the product's launch at the end of 2007.

It says that means it now offers the "best deal of its kind on the high street".

The company has also cut rates on its three-year fixed buy-to-let and self-certification mortgages from 5.99 to 5.79 per cent.

Customers taking out a three-year fixed-rate mortgage with the Post Office will also have to pay arrangement fees of £399, which can be taken on up to 95 per cent of the home's value and a lending fee of £195.

Post Office director of lending Gary Fitton nodded towards the current difficulties in the mortgage market, noting that "people who are looking to get on the property ladder or who are coming to the end of a fixed rate deal, face either high arrangement fees or SVRs".

He added: "Our three-year deal offers a low-cost product that guarantees customers peace of mind with one of the lowest fixed rates on the market, coupled with a low arrangement fee."

Earlier today Halifax revealed that home buyers in 29 per cent of local authorities have been left with stamp duty bills equivalent to more than 20 per cent of average annual gross earnings, a rise of 15 per cent from five years ago.

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