Post Office reveals details of new broker mortgage range

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The Post Office has revealed the details of its new intermediary mortgage range, with rates starting from 1.98 per cent.

The range is available initially to the appointed representatives of L&G Network, before rolling out its distribution to L&G Mortgage Club’s Nouveau proposition and directly authorised brokers in the future.

Rates start at 1.98 per cent for a two-year fixed rate and from 3.15 per cent for a five-year fixed rate, both of which carry a £995 fee and are available to 75 per cent LTV.

For remortgage customers, the Post Office is offering a two-year fixed rate at 2.58 per cent and a five-year fixed rate at 3.38 per cent, both of which are fee-free and come with free legals.

For first-time buyers, the lender has a 3.79 per cent two-year fixed rate available to 90 per cent LTV with a fee of £495. There is also a 4.55 per cent three-year fixed rate available, without product or valuation fees.

The Post Office offers buy-to-let loans, with rates starting at 3.15 per cent.

The range is available from 2 June, when the full details of the range will be made available.

Post Office head of mortgages John Willcock says: “We are continuing our journey of becoming one of the top ten providers of mortgages in the market by offering a great range of deals for potential homebuyers, whatever their situation.”

The Post Office, which launched into the mortgage market in 2009, has a tie-up with Bank of Ireland UK, which develops products and provides the money to fund its lending.

It started selling mortgages in its branches in 2012 but did not offer regulated advice. Prior this this, the lender offered mortgage through an online and telephone service.

In February, the lender re-entered the buy-to-let market, nearly two and a half years after pulling out of the sector.