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Post Office mortgage
vesper
Posts: 941 Forumite
I was wondering if anyone had heard about the reputation of the Post Office's mortgages. We are just in the process of applying for one through them and haven't heard much about them when we have been looking through the lists of potential mortgage lenders.
We have a joint income of approximately £25,000 (actually both earn a lot more but it doesn't count alledgedy as its overtime) and have no defaults and an ok credit rating (we don't have an loans, or credit cards).
We had a mortgage sorted through Santander who dropped out at the beginning of this week with no reason except we no longer met their criteria. So are looking for another.
We've had an offer accepted on a house of £93000, and have a deposit of 25%. But now have to quickly find another mortgage due to Santander dropping through.
Has anyone applied to the Post Office for one, and how did you find them?
We have a joint income of approximately £25,000 (actually both earn a lot more but it doesn't count alledgedy as its overtime) and have no defaults and an ok credit rating (we don't have an loans, or credit cards).
We had a mortgage sorted through Santander who dropped out at the beginning of this week with no reason except we no longer met their criteria. So are looking for another.
We've had an offer accepted on a house of £93000, and have a deposit of 25%. But now have to quickly find another mortgage due to Santander dropping through.
Has anyone applied to the Post Office for one, and how did you find them?
Remember never judge someone that makes a mistake, because in six months time it may be you that makes the next mistake.
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Comments
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No use to you per se, but I think the Post Office are owned by the Bank of Ireland now - could be useful to get some pointers as to what they're like - although I might be confused, i think that's true- as ever someone wiser than me will point you/me in the right direction.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
The Post Office are not owned by the Bank of Ireland-they offer some products in partnership with them.
Your best bet would be to make an appointment with a "whole of market" broker who should be able to see if there is a mortgage that suits your situation/needs. They will do all the work for you across a lot of providers.0 -
Strange contradiction that BoI is trying to get out of the UK market on one hand, while funding PO mortgage products on the other.
Lenders, eh? :eek:I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
BOI are currently in meltdown over in Eire and I'm sure if they could get out of their contractual obligations to the Post Office they would !kingstreet wrote: »Strange contradiction that BoI is trying to get out of the UK market on one hand, while funding PO mortgage products on the other.
Lenders, eh? :eek:0 -
I would recommond PO if you are looking for a speedy mortgage approval, they were super fast for us .. we had our offer within 7 days..0
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kingstreet wrote: »Strange contradiction that BoI is trying to get out of the UK market on one hand, while funding PO mortgage products on the other.
Lenders, eh? :eek:
The BOI has a joint venture with the Post Office. So is unable to extract itself from this arrangement at the current time.
The offloading of mortgages in part appears to be through the old Portman BS mortgage book.
Actually to the benefit of BOI to maintain a relationship with the PO. As it has access to retail deposits which it can use as it wishes.0 -
Someone mentioned going to see an Independant Mortgage broker, we would definitley recommend this, only thing is Post Office dont deal with brokers so Post Office wont come up on their list to compare - you'd have to do the work for Post Office yourself.0
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I know what you mean, but it's Bristol & West. Portman is part of Nationwide after merging with Staffordshire.Thrugelmir wrote: »The BOI has a joint venture with the Post Office. So is unable to extract itself from this arrangement at the current time.
The offloading of mortgages in part appears to be through the old Portman BS mortgage book.
Actually to the benefit of BOI to maintain a relationship with the PO. As it has access to retail deposits which it can use as it wishes.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Independents also consider direct to lender deals like those from YBS, HSBC, Post Office etc as they operate on a fee-paying basis. You may not get these deals via whole market brokers who are commission-earners.Someone mentioned going to see an Independant Mortgage broker, we would definitley recommend this, only thing is Post Office dont deal with brokers so Post Office wont come up on their list to compare - you'd have to do the work for Post Office yourself.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »I know what you mean, but it's Bristol & West. Portman is part of Nationwide after merging with Staffordshire.
So many names of the past. Now demised.
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