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Post Offices launches affordable mortgages

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by David Masters

The Post Office has launched a new range of mortgages targeted at first time buyers.

Consumers can take out the new mortgage products with a deposit of just 10%.

The two-year, three-year, and five-year fixed rate mortgages have interest rates between 5.45% and 5.99%.

A tracker mortgage is also available at 5.49%.

Marco Hughes, director of personal lending at the Post Office, said: “Whilst there are existing 90% deals available, many remain out of reach for most borrowers because the rates are too high.

“We’re offering more affordable rates that will allow more borrowers the opportunity to take out a mortgage with a smaller deposit.

“This should particularly help first time buyers.”

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News posted: May 13, 2010

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