Post Office for Intermediaries first time buyer 5 year fixed rate Mortgage
The Post Office for Intermediaries first time buyer 5 year fixed rate Mortgage is aimed at clients who want the long term security of a low set payments. It is aimed at applicants with a sizeable deposit. There is a minimum household income requirement of £20,000. The product is not open to Right-to-Buys, Shared ownership or Share equity.
Initial Rate: 2.79% Subsequent:4.49% The overall cost for comparison is 3.9%
- Features: Fixed rate 2.79% until 31/12/2019
- Minimum deposit / equity: 40%
- Valuation fee: Free valuation.
- Other main lender fees: Lending fee £195.
- Early repayment charges: 5% in the fixed period
MY PRODUCT COMMENTS: A very good rate but unless the “bank of Mum and Dad bank” is on hand to help I would think the deposit is beyond the reach of the majority of first time buyers. The size of the early repayment charge is also chunky so if you are buying with a partner make sure they are the right one!
MY LENDER COMMENTS: The Post Office for Intermediaries is effectively Bank of Ireland for Intermediaries. They are fairly new re-entrants to the new mortgage market and finding there way. As such a number of their products including this one have limited availability.
For more information on the First time buyer 5 year fixed rate Mortgage please complete the enquiry form on this page or call us on 020 7993 2044.
Rates current as at 11/11/14. The overall cost for comparison is based on a property value of £250,000 over a 25 year term. Repayment for Residential and Interest only for Buy-to-let. The product is based on a property in England (but may also be available in other countries). Eligibility will depend on your own personal circumstances.
The purpose of this web is for information only and is based on a fictitious illustrative scenario. It does not constitute a Mortgage Offer in any way.
It is essential that you seek independent mortgage advice as a suitable product will be based on your own individual circumstances. An interest rate should not be read in isolation, and you should refer to your personal key facts illustration and Mortgage Offers for full terms and conditions. If anything is unclear it should be discussed fully with both your mortgage and legal advisors before entering into a mortgage contract with the lender.
For full details about the information on this page please read our product research and disclaimer wording.
Your Home is at Risk if you do not keep up with your mortgage repayments.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on Property financing both on residential and commercial lines.