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Post Office Money Mortgages FAQ
What is Post Office Money?
Post Office Money is an umbrella brand launched in 2015, which is used for all Post Office financial services. Post Office Money offers services including credit cards, mortgages, loans, insurance and current accounts through its branches across the UK, online and over the phone. Most of the products offered through Post Office Money are provided by Bank of Ireland Group.
Can I get a mortgage with Post Office Money?
Yes, Post Office Money offers mortgages to a wide range of borrowers, including those buying their first homes and people looking to move house. Prospective borrowers buying a property as an investment to rent out (buy-to-let) can also access mortgages through Post Office Money.
What types of mortgages are available through Post Office Money?
The Post Office offers a range of mortgages to suit different borrower requirements.
- Fixed-rate mortgages: Those looking to agree to predictable monthly repayments for a set period might want to consider the Post Office’s fixed-rate mortgages. These mortgages allow borrowers to fix the interest rates payable on their mortgage for a number of years.
- Tracker mortgages: This type of mortgage charges interest at a rate that tracks the Bank of England Base Rate. If the Base Rate is very low, the interest rate can be favourable, but it can increase at any time so offers less predictability than a fixed-rate mortgage deal.
I’m a first-time buyer; can I get a mortgage through Post Office Money?
The Post Office offers a range of mortgage deals aimed specifically at first-time buyers. As well as tracker and fixed-rate mortgages, the Post Office also offers products designed to support people who want to help their family members out financially.
I’m retired; can I still get a Post Office mortgage?
Yes, the Post Office offers retirees an option to borrow against the value of their home. This can allow retired people to use the equity they have in their existing home to free up cash for things like travel, home improvements and making large purchases.
Can I switch to a new mortgage once my Post Office mortgage deal has expired?
Yes, existing customers who want to switch to a new deal once their fixed-rate term has run out, for example, are able to do so. There are deals aimed specifically at existing borrowers.
How do I apply for a Post Office mortgage?
You can apply for a Post Office mortgage over the phone or online. However, if you choose to apply online you will need to speak to a Post Office mortgage specialist over the phone at some point as part of the application.
Services offered by this provider may change over time. Always check Ts&Cs.