The range of new 90% LTV deals include two year and five year fixed rate products. In addition, Post Office Mortgages now offers 85% LTV deals, has cut rates across its other mortgages for the fifth time this year, and introduced a new ‘fee free' five year fixed mortgage for existing homeowners looking to change their lender.
The range is available to both first time buyers and existing homeowners who need to remortgage. The two year and five year fixed rate mortgages offer rates of 5.45% and 5.99% respectively.
The new 90% LTV range includes:
- Two year fixed rate at 5.45%
- Three year fixed rate at 5.99%
- Five year fixed rate at 5.99%
- Tracker at 5.49%
To help borrowers keep costs down further, the Post Office has cut the rates of all its fixed rate mortgages across its existing 75% and 80% LTV ranges, in some cases by as much as 0.36%.
Furthermore, in a bid to help customers wanting to move away from their current provider and looking for good long term value, the Post Office is offering remortgage borrowers a ‘fee free' deal on all its five year fixed rate products.
Post Office director of personal lending, Marco Hughes, said: "Whilst there are existing 90% 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 latest additions to our range and the futher rate cuts reflect our commitment to offer our customers market leading rates. As a leading player in the market now offering more than 40 different mortgages, we believe in giving long term value for the life of the mortgage. This means being up front and transparent about any fees and clear about the rate you'll get when the ‘fixed' period is over."
