Mortgages  

Launch pad: The Post Office

The head of Mortgages at the Post Office said: “Entering this relationship is an important step for the Post Office as it shows we are continuing to challenge the mortgage market.

“Our business has gone from strength to strength over recent years, and this latest step will help to cement our position as a major player in the mortgage market.”

Key Features

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■ Loans will be facilitated by the Bank of Ireland.

■ The Post Office will offer a range of first-time-buyer, mover, remortgage and buy to let products.

■ An online application system will offer a decision in minutes from an application in principle to full application.

■ Brokers can do case tracking though a ‘Virtual Office’ online tool.

■ The range will initially be available for Legal and General’s appointed representatives, before rolling out to its Nouveau scheme and directly authorised brokers.

IFA VERDICT

David Hollingworth, associate director for Somerset-based London & Country Mortgages, said: “This has to be good news. The more on offer to brokers the merrier and it will increase competition. The Post Office offers some good rates and this move will support intermediaries as well as the direct channel it already has.”