The postoffice.co.uk/lowest offer from the Post Office gets you their lowest ever 5 year fixed rate mortgage deal at just 2.63 pct
The 5 year deal gets you 2.63pct until the 31st May 2018 at which point you move to a variable rate mortgage which is worked out at as the Bank of England base rate plus 3.99pct. This currently wors out at 4.49pct making the overall cost for comparison of the postoffice.co.uk/lowest mortgage offer 3.9pct APR.
As with all financial products, we are not recommending the postoffice.co.uk/lowest offer over any other and you should check with an independent financial advisor if you need any help. The postoffice.co.uk/lowest deal requires a minimum deposit of 40pct and the maximum loan size is £500,000. You have to pay a lending fee of £195 and an arrangement fee of £1,495 which can be added to the loan amount or paid on completion. As this is a fixed interest rate mortgage you are tied for the entire fixed rate period, so if for some reason you need to get out of the mortgage early the postoffice.co.uk/lowest mortgage deal comes with an early repayment charge of 5pct of the sum repaid.