Anyone have experience with Post Office mortgage?

MMG

Hi all,

I am currently looking at a mortgage with the Post Office - seems a good enough deal -

80% LTV, 5.2% Fixed for 5 years, £599 setup fee.

Does anyone have experience dealing with the Post Office? How are they as lenders, and do they drag their heels etc?

Any advice appreciated, and if there is anything better out there I'd love to know!!

RufusA

The Post Office mortgage is really a Bristol and West mortgage which is really Bank of Ireland - confused! So depending on who originates the paper work you can end up with a weird mish mash of branding!

I applied online when they had the 4.15%/4.35% 5 year deal. Even though they were relatively swamped with applicants, I went from initial enquiry to AIP within 48 hours.

The valuer was instructed within a week and paid a flying visit, and within two weeks all the paperwork was completed and processed.

I used their appointed solicitor for conveyancing (fees assist), and they've been good, though do swamp you a little with questionairres, forms, deeds, letters, identity requirements etc.

I'm holding out until the end of this month for remortgage to avoid an ERC, but it has been a smooth (and reasonably painless) process to date.

I'm in effect self employed (own ltd company, paid via a mixture of salary and dividends) so not the most straight forward of applicants!

HTH - Rufus.

Helen1965

I applied over the phone for a buy to let remortgage, they instructed the valuer within days and I had the formal mortgage offer in the post within a fortnight.

QTPie

ANy experience with applying for a Post Office mortgage if you have your own business?

The business has been running for 9 years, we have GOOD accounts to hand, good Accountan etc. Any high street mortgage lender is very happy to lend us money... but I am more weary of doing an application over the internet (prefer face to face... easier to go through everything since we are not your normalemployed people).

Thanks
QT

Helen1965

We are both self employed. I applied over the phone as it was easier to explain, didn't take any longer although we thought it might as they posted the application to us to check, sign and post back. Valuer was instructed as soon as they received it back and received phone call with formal offer two days later.

RufusA

QTPie wrote: »

ANy experience with applying for a Post Office mortgage if you have your own business?

I have my own business (11 years) and no issues at all.

To date they haven't asked to see my accounts, or been in touch with my accountant! Hmmmm.

Only mildly confusing thing was when filling the application online I had to state I was self employed (even though I'm not class 2 NIC), as a have a majority shareholding in the company.

There's a large box for entering misc information when completing online!

HTH - Rufus