CML figures suggest Bank of Ireland, which funds the Post Office was the 16th biggest UK mortgage lender in 2012 showing the extent of the lender’s ambitions.
Post Office already had 70 mortgage specialists in-branch in 2012 but will increase consultant numbers to 100 fully-qualified advisers ahead of the Mortgage Market Review, it confirmed.
The lender launched into mortgages in 2009 and has consistently positioned itself on best buy tables in the first-time buyer product arena, reducing its five-year fix to 4.45% at 90% LTV in October.
On Help to Buy, with a launch timeline still unconfirmed, it said: “This is a significant move for the Post Office as it aims to become one of the top ten providers of mortgages in the UK.”
John Willcock, head of mortgages at Post Office said: “Joining the Help to Buy scheme is the latest in a series of steps to affirm Post Office as the go-to mortgage provider for those wanting to get their first foot on the property ladder. Coupled with the increased number of mortgage specialists to cope with unprecedented demand from movers, first-time buyers and those looking to remortgage, Post Office will provide more customers with the chance to speak to experts about the options available, consolidating its position as a leading player in the market.”
Nick Fahy, distribution director, Bank of Ireland UK said: “Making Post Office mortgages available through the government’s Help to Buy scheme is a natural step in our continued commitment to helping customers across the 11,500-strong branch network to gain access to a broad range of value for money financial products and services.”
