Post Office lowers cost of fixed-rate mortgage deals

The Post Office has reduced prices across its fixed-rate deals, increasing the availability of cheap mortgages to its customers.

Among the new deals announced are a two-year fixed-rate at 4.15 per cent with a 20 per cent deposit, as well as a three-year deal at 4.09 per cent at 60 per cent loan-to-value.

In addition, homeowners seeking a five-year fixed rate deal will be required to pay 4.89 per cent with a 20 per cent deposit.

Post Office director of personal lending Marco Hughes said the lender believes in offering "great rates" not only for the initial period but across the life of the mortgage.

"With speculation mounting that the base rate will move up in the next few months, these new rates give our customers a fantastic opportunity to lock in a deal now," he added.

Earlier this week, Yorkshire Building Society knocked 0.7 per cent off the rate payable on its two-year fixed-rate mortgage for buyers with a 15 per cent deposit.

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2010-03-26 13:31:32 © Moneyextra.com