Post Office releases new mortgage rates

Date:Tuesday 8th December 2009
Author: Susanna Kavka

The Post Office has announced new reduced rates on its range of mortgage products.

Rates on the fixed-rate, tracker and buy-to-let products the financial institution provides have all been lowered by the organisation to provide better value mortgages for its customers.

For example, a standard two-year fixed-rate product now offers a rate of 3.89 per cent, a reduction from the original rate of 4.29 per cent, on offer with a loan to value of between zero and 60 per cent.

Across all the fixed-term and buy-to-let products the revert rate, which all customers switch to once their original term has expired, is set at 2.49 per cent.

These mortgage products were introduced by the Post Office in October as part of the institution's wider scheme to create a stronger financial services range for consumers. Products are available through branches, online, or over the telephone. All products have a £599 arrangement fee.