Lender unveils new mortgage deals

The Post Office has revealed a number of changes to its mortgage offerings, with several alterations made to its fixed range.

Two, three and five-year deals have seen their rates trimmed, with the largest of these being a 1.3 per cent reduction from 6.29 per cent to 4.99 per cent for a two-year product with a maximum loan-value (LTV) of 80 per cent.

It has also lowered the three-year, 80 per cent LTV deal by 0.9 per cent and its five-year deals by 0.66 per cent.

Each of these deals will revert to a rate of 2.49 per cent – which the lender called “one of the lowest in the marketplace” – when the fixed period expires.

Those who already have a mortgage and are not on a fixed rate can take advantage of the present low interest rates by paying as much as they would if the base rate was much higher, Council of Mortgage Lenders spokesman Bernard Clarke has said.

He commented that this could save a lot of money over the term of the mortgage.

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