post office mortgages

sunflower24a

hi martin i am a first time buyer and me and my partner are looking at getting a mortgage with the post office. i was wondering how secure will we be if the company went bankrupt? are they regulated by anyone or do they have any sort of insurance so we do not loose everything we have invested into our potential new home? thanks

hedgehopper_2

As I understand it, you don't need to worry about this. Obviously it's you owing them, so you can be pretty sure that some other bank will eagerly take on your debt to them basically what happens is that you'll continue to make repayments on the same contract you initially made, but it will be to another bank.

We are with Bank of Ireland/Post Office mortgages btw and have found them to be generally great. Good luck!