Post Office cuts mortgage rates

The Post Office is cutting its mortgage rates by up to 1.01 percentage points on its fixed rate and tracker mortgages.

It is also expanding its offering to those with larger deposits.

The largest cut is to its five year fixed rate deal at 75% LTV – a reduction of 1.01 percentage points from 4.39% to 3.38%, with a £995 fee.

There are also new 65% LTV two and three-year fixed rates with £995 fees.

Post Office has also expanded its range of fee-assisted products to help reduce the upfront costs involved with buying a property or switching an existing mortgage. Many deals have no arrangement or booking fees, offer £300 cashback, and can include free standard legal work and a standard valuation.

Mike Cook, head of Post Office Mortgages said: “We’re really pleased to be able to expand our range and offer some very low rates across our fixed rate and tracker mortgages for those with varying deposits. The Post Office mortgage book has grown significantly since launch and we’re now looking to expand our business to a wider range of customers.