What types of mortgage does the Post Office offer?
The Post Office’s mortgages cover the usual suspects from tracker and fixed-rate mortgages through to help to buy and buy to let deals.
The Post Office’s fixed rate mortgages are flexible to your circumstances and interest rates vary upon the deposit you provide, length of the mortgage and fee assistance options.
Tracker mortgages vary on the same criteria as a fixed-term in addition to the tracker rate in your policy. Based on information published 22nd February 2016, the initial tracker rate on a 10% deposit based mortgage was 4.49%.
Post Office buy to let mortgages offer varied interest rates dependent upon the initial deposit.:
- 25% Deposit: 2.69% initial rate until 31st May 2018
- 30% Deposit: 2.49% initial rate until 31st May 2018
- 40% Deposit: 2.18% initial rate until 31st May 2018
The help to buy scheme that allows first-time buyers to take a 20% Government loan, add it to their 5% deposit and access 75% LTV schemes. If you do not qualify for a help to buy mortgage then you may need to start building some savings, as the Post Office insists on you having at least a 10% deposit.