Post Office Mortgage - Be Careful!

attila_

mikeyscott wrote: »

Thinking about it Post Office branding with Bank of Ireland admin, couldn't think of anything worse.

Oh well, if the rate is good and I don't need to contact them, then fingers crossed. I'll put the question to L&C re overpaying.

Just wish I could have stayed with HSBC. I may well be as I've heard BOI/PO are viscous with their valuations.

I'll be saving up in £500 lumps for over payments, plus funding for the R32

I wish I had stayed with Santander!

Still, life is for learning.

amnblog

attila_ wrote: »

I wish I had stayed with Santander!

There's phrase you wont hear too often.

ethank

You were never with the Post Office. Everything is done by Bank of Ireland

attila_

amnblog wrote: »

There's phrase you wont hear too often.

I know - reading the amount of stuff on here About Santander I'm really surprised. Didn't have any problems with them at all, reasonable fixed rate for 4 years and could overpay up to 10% and had the choice of either reducing term length or reducing payments.

Their initial application process was easier and quicker than post office/bank of Ireland. This was 2010 and I was an original abbey customer if that made any difference.

xyz123

we have post office mortgage since 2012 and took 5 year fixed rate at that time.

my understanding is that basically whether term is reduced or monthly payments reduced, makes no difference as long as you switch the product after 5 years as many should be doing anyway! this is because the 100% of overpayments go towards paying off capital. Then at end of 5 year period you can reassess situation and decrease the term if needed.

would be interested if any brokers or experts here can advise.