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Post Office introduces new 90% LTV range

The Post Office has announced the introduction of a new range of 90 per cent loan-to-value mortgages available from tomorrow.

The range includes a two-year fixed rate at 5.45 per cent, five-year fixed at 5.99 per cent and a tracker at 5.49 per cent.

In addition, the Post Office has cut the rates across its other mortgages by up to 0.36 per cent and introduced a new range of 85 per cent LTV mortgages.

It is also offering borrowers who wish to remortgage a fee free deal on all of its five-year fixed-rate products.

Post Office director of personal lending Marco Hughes says: “Whilst there are existing 90 per cent deals available, many remain out of reach for most borrowers because the rates are too high. Instead, 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.  However, we are not forgetting those looking to move lenders and are offering a new ‘fee free’ range to help them too.”

The ousted Labour Government announced in March that the Post Office would offer a range of 90 per cent LTV mortgage products aimed at first-time buyers and would aim to double the value of its mortgage book in the financial year 2010/11.

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