Post Office gets m’gage specialists in branches
The head of Post Office Mortgages said the service would support existing telephone and online networks, but would not offer regulated advice.
Customers will be able to find out how much they could borrow and view product features and repayments on screen. Within a few minutes customers can be provided with a printed Approval in Principle or have the opportunity to submit a full mortgage application.
He said the Post Office, which is an appointed representative of Bank of Ireland and also accepts referrals from brokers, was monitoring the outcome of the mortgage market review, which could mean all mortgage advisers are registered and impose new requirements on affordability assessments.
Mr Cook said: “We are adding a service where the customer is asked relevant questions to see what suits them. The customer makes the final choice.
“The MMR results are unknown so we may have to change our model accordingly.”
He said the specialists would have a “significant internal qualification”.
Dean Mason, principal of Hertfordshire-based Masons Financial, said: “It is great that the Post Office can now offer this face-to-face option but the public must understand these ‘specialists’ are only giving information to aid the sale of their products, not giving independent or whole of market mortgage advice.”
He said it was encouraging that the Post Office would refer customers to advisers where necessary.