Is the Post Office going to offer one of the Best First Time Buyers' Mortgages?

publication date: May 4, 2010
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Is the Post Office going to offer one of the Best First Time Buyers' Mortgages?


Could the Post Office be about to offer one of the best first time buyer mortgages on the market?

Business Secretary Lord Mandelson announced in March following the Labour budget a major expansion of the financial services offered by the Post Office, which considering over 99 per cent of the UK population lives within three miles of a Post Office branch could mean access to 90% loan-to-value ratio aimed at first-time buyers. The Post Office will also increase its lending substantially, aiming to double the value of its mortgage book in the financial year 2010/11.

Lord Mandelson said: “Since the global banking crisis we have set about reinventing the financial services industry piece-by-piece, building a system that is fairer, trusted and more responsible.” And clearly people trust their local Post Office, so extending its services to this many people, away from the now ‘risk taking’ bank industry can only be a good move.

At the moment, the Post Office offer mortgage lending for first time buyers through to buy to let investors, but only offer a maximum of 80% loan to value, putting many of their products out of reach of First Time Buyers who don’t have the help of mum and dad!

The government and the Post Office also aim to launch a new account this year for people who are of working age, on lower incomes which will add 50p to every £1 saved, perhaps helping towards a deposit on a home to rent or even to buy in the future.

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