Post Office plans to sell mortgages

Post by **TrueBlueTerrier** » 26 Sep 2007, 17:29

http://www.channel4.com/news/articles/b ... ges/844552

Last Modified: 25 Sep 2007
Source: PA News

The Post Office has announced plans to enter the mortgage market saying it would offer good value home loans that are easy for customers to understand.

The group is trialling the sale of three mortgage products through selected branches in the north of England, an area that has traditionally been the stronghold of troubled bank Northern Rock.

The products being launched are a three-year fixed rate loan with a rate of 6.09%, a fixed rate buy-to-let loan at 6.35% and a self-certification discount loan offering a rate of 6.44%.

The Post Office said the products would have a transparent pricing structure, including a low-cost fixed arrangement fee of Â£399, no higher lending charges for people borrowing a high proportion of their home's value and no hidden charges.

The group, which already offers credit cards, loans, insurance and savings accounts, said as the mortgage market became increasingly complex, it was aiming to provide straightforward mortgages that offered good value both initially and over the long term.

The Post Office is currently the UK's fastest growing financial services provider, with more than one million customers.

The trial will run into next year, after which the Post Office will assess take up levels and customer feedback before deciding whether to roll out the loans further.

Gary Fitton, director of lending at the Post office, said: "We believe there is a real need for straightforward mortgage products, which don't entice customers with headline grabbing rates and then penalise them with huge fees. This is why we have developed products with good initial and long-term value.

"Throughout the duration of the trial we will be assessing whether this belief stands true. At the same time we will ensure we provide the products and the service quality expected from the Post Office. A formal evaluation will take place at the end of the trial, which will inform how we proceed."

People can register their interest in the mortgages at one of the trial branches, or by visiting www.postoffice.co.uk or calling 0800 707 6204.

leader · Post by **leader** » 26 Sep 2007, 17:46

How bloody ironic. They pay us s**t wages so we cant get a mortagage then enter the market to increase their profits.

piss taking bastards!!

axeman · Post by **axeman** » 26 Sep 2007, 18:14

primark will soon be here ??

'yea got some good leads'

DGP1 · Post by **DGP1** » 26 Sep 2007, 18:24

You need to be qualified to sell mortgages and I can't see RM paying to train it's staff

Post by **monica** » 26 Sep 2007, 18:39

we have to get leads on the counter and then the mortgage advisor will contact them at home.

DGP1 · Post by **DGP1** » 26 Sep 2007, 18:50

monica wrote:we have to get leads on the counter and then the mortgage advisor will contact them at home.

Introducers then, I hope you get the going rate for them Â£30-50 just for getting the lead and even more if they buy

Post by **Lounge Lizard** » 26 Sep 2007, 19:43

So you go into a Post Office to buy some stamps, and when given the change are asked 'can I interest you in a mortgage?' Customer thinks 'sod this' I'll buy my stamps elsewhere in future.

DirtyHarry · Post by **DirtyHarry** » 26 Sep 2007, 19:46

Lounge Lizard wrote:So you go into a Post Office to buy some stamps, and when given the change are asked 'can I interest you in a mortgage?' Customer thinks 'sod this' I'll buy my stamps elsewhere in future.

Got it in one, mate.

Post by **baldrick** » 26 Sep 2007, 21:06

Will they give us discounted staff mortgages? I think not

DGP1 · Post by **DGP1** » 26 Sep 2007, 21:52

baldrick wrote:Will they give us discounted staff mortgages? I think not

If it's anything like the other 'discounts' they give us I'll do without thankyou.

Post by **Carnoustie** » 26 Sep 2007, 21:53

THE POST OFFICE MORTGAGE

I pay money to you for 25 years and then I own the house ?
DOESN'T WORK LIKE THAT

No, what happens is this: you pay into the mortgage for a fixed period of time, but then, all of sudden, we tell you if you want what you thought you were going to get, you've got to carry on working and paying-in for an extra 5 years.

Oh, and your neighbours can come and squat in your home, and pay you a pittance for the use of all your services. This is known as Down-the-street Access

IWW Fellow Worker · Post by **IWW Fellow Worker** » 26 Sep 2007, 22:02

Carnoustie wrote:THE POST OFFICE MORTGAGE

I pay money to you for 25 years and then I own the house ?
DOESN'T WORK LIKE THAT

No, what happens is this: you pay into the mortgage for a fixed period of time, but then, all of sudden, we tell you if you want what you thought you were going to get, you've got to carry on working and paying-in for an extra 5 years.

Oh, and your neighbours can come and squat in your home, and pay you a pittance for the use of all your services. This is known as Down-the-street Access

Nicely put! And it has a ring of truth about it.

DGP1 · Post by **DGP1** » 26 Sep 2007, 22:15

Carnoustie wrote:THE POST OFFICE MORTGAGE

I pay money to you for 25 years and then I own the house ?
DOESN'T WORK LIKE THAT

No, what happens is this: you pay into the mortgage for a fixed period of time, but then, all of sudden, we tell you if you want what you thought you were going to get, you've got to carry on working and paying-in for an extra 5 years.

Oh, and your neighbours can come and squat in your home, and pay you a pittance for the use of all your services. This is known as Down-the-street Access

Many a true word said in jest

Sick Postie · Post by **Sick Postie** » 26 Sep 2007, 22:51

Plus they will make money on just selling you the mortgage, the lender will pay them a % of the amount taken out ie on a mortgage of Â£150,000 they could get nearly Â£700. Bet they won't be passing this on to their loyal employees.

DGP1 · Post by **DGP1** » 26 Sep 2007, 22:56

Not to mention all the other things they get paid for (insurance etc.)