Tracker Mortgages

cup of tea

Tracker mortgages follow the Bank of England Base Rate (currently 0.5%), plus a specified percentage for the first two years. After the initial two year period the rate reverts to the Bank of England Base Rate (currently 0.5%) plus 3.99% for the rest of the term. Because the Bank of England Base Rate goes up and down, your mortgage rate and your repayments will also go up and down. So if you don’t mind if your payments fluctuate, then a Tracker mortgage could be right for you.

The tracker rates shown below are for New Borrowers to the Post Office and are available for First Time Buyers, Remortgages and Home Movers.

There is currently no full repayment mortgage release fee. A lending fee of £195 applies which is due on completion but payment can be deferred until your mortgage is fully repaid. Borrowers must be 18 or over unless stated. Rates correct as at 17/04/2014. 

Post Office® Mortgages are provided by Bank of Ireland UK.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

40% deposit (60% LTV)
25% deposit (75% LTV)
20% deposit (80% LTV)
15% deposit (85% LTV)
10% deposit (90% LTV)

40% deposit (60% LTV)

  Initial rate

Which is Bank of England Base Rate (currently 0.5%)

Followed by Bank of England Base Rate (currently 0.5%) plus 3.99% for the rest of the term The overall cost for comparison is Arrangement fee
2 year tracker 1.74% variable  plus 1.24% until 31/05/2016 4.49% variable 4.1% APR £995

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Early Repayment Charges: 3% of the sum repaid until 31/05/2016.

25% deposit (75% LTV)

  Initial rate

Which is Bank of England Base Rate (currently 0.5%)

Followed by Bank of England Base Rate (currently 0.5%) plus 3.99% for the rest of the term The overall cost for comparison is Arrangement fee
2 year tracker 1.95% variable plus 1.45% until 31/05/2016 4.49% variable 4.2% APR £995

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20% deposit (80% LTV)

  Initial rate

Which is Bank of England Base Rate (currently 0.5%)

Followed by Bank of England Base Rate (currently 0.5%) plus 3.99% for the rest of the term The overall cost for comparison is Arrangement fee
2 year tracker 2.49% variable plus 1.99% until 31/05/2016 4.49% variable 4.3% APR £995

Apply Online

Early Repayment Charges: 3% of the sum repaid until 31/05/2016.

15% deposit (85% LTV)

  Initial rate

Which is Bank of England Base Rate (currently 0.5%)

Followed by Bank of England Base Rate (currently 0.5%) plus 3.99% for the rest of the term The overall cost for comparison is Arrangement fee 
2 year tracker 3.59% variable plus 3.09% until 31/05/2016 4.49% variable 4.5% APR £995

Apply Online

Early Repayment Charges: 3% of the sum repaid until 31/05/2016.

10% deposit (90% LTV)

  Initial rate

Which is Bank of England Base Rate (currently 0.5%)

Followed by Bank of England Base Rate (currently 0.5%) plus 3.99% for the rest of the term The overall cost for comparison is Arrangement fee
2 year tracker 4.99% variable plus 4.49% until 31/05/2016 4.49% variable 4.8% APR £995

Apply Online

Early Repayment Charges: 3% of the sum repaid until 31/05/2016.

Definitions

Approval in Principle (AIP): An AIP verifies how much you could borrow based on the information you have provided, performs various criteria and credit reference agency checks, and gives a decision to lend based on its findings.

APR: Annual Percentage Rate of charge – this shows the overall cost of borrowing, taking into account the term, interest rate and other costs.

Arrangement fee: When you apply for your mortgage, lenders may charge you a fee for providing the loan. Our standard products may include an arrangement fee (please refer to individual products for fee details), which can be paid upon completion of your mortgage or added to the loan.

Fee assisted: Fee assisted products have a free standard valuation and if you're remortgaging, free standard legal work via the lender's nominated solicitors to help you keep the upfront costs down. You can upgrade to a full homebuyer survey for an additional fee - please call for more details.

Higher Lending Charge: A fee which may be charged if the amount borrowed is more than a given percentage of the value of the property. The lender will use the fee for an insurance policy to protect them against financial loss in the event of a borrower not meeting their mortgage payments. The fee is usually payable in full up front. You may be liable for any mortgage shortfall debt if after possession the sale proceeds are not enough to repay your outstanding debt. Choose a Post Office mortgage and the Higher Lending Charge is paid by the lender for mortgages above 75% LTV. No Higher Lending Charge is payable for mortgages up to 75% LTV. See the Lending Criteria for more information.

Loan to Value (LTV): It’s the amount of mortgage expressed as a percentage of the value of the property or purchase price, whichever is lower. For example, a mortgage of £80,000 on a purchase price of £100,000 would be 80% LTV. If the valuation of the property is lower than the price you've agreed, the LTV will be based on the valuation.

No Arrangement fee: No arrangement fee products are just that, there’s No Arrangement Fee to pay. These are ideal if you do not want to pay an arrangement fee or add one to your mortgage.

Overall cost for comparison: The total cost of a loan, including interest charges and product fees, shown as a percentage rate. The calculation assumes that you keep the mortgage for the full term. APR is the industry standard calculation and allows you to directly compare mortgages from all lenders.

Standard legal fees: If your mortgage states that standard legal fees are paid by the lender, the lender will pay the fees for remortgages via their nominated solicitors. Terms and conditions apply, please refer to the General Lending Criteria for full details.

Standard valuation: Also known as a lender's valuation, this is a basic assessment that’s carried out on a property to establish its condition and value. This is done so a lender can decide whether to lend on the property.

0800: Calls to 0800 numbers are free from a UK landline, mobile costs may vary. Calls will be monitored or recorded for training and compliance purposes.

Post Office best mortgage awards

Personal Finance Award

Best Fixed Rate Mortgage Provider 2013
Post Office best mortgage awards

Your Mortgage

Best online Mortgage lender 2013, 2012, 2011, 2010, 2009

The Awards given relate to the product range, application process and servicing, which are provided in conjunction with Bank of Ireland UK.

Post Office best mortgage awards

What Mortgage

Best lender Website 2013
Post Office best mortgage awards

What Mortgage

Best fixed rate Mortgage Provider 2013, 2012

Small print

Please note our online mortgage application is only compatible with Internet Explorer 6+, Google Chrome, Firefox and Safari web browsers.

Subject to status and lending criteria. Written illustrations available upon request. Borrowers must be aged 18 or over.

Post Office Limited is an appointed representative of Bank of Ireland (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is registered in England & Wales (No. 07022885), Bow Bells House, 1 Bread Street, London EC4M 9BE. Post Office Limited is registered in England and Wales. Registered No 2154540. Registered office is 148 Old Street, London EC1V 9HQ. Post Office and the Post Office logo are registered trademarks of Post Office Limited.

Handy info

For more details about our rates, check out the following document

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