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What to look out for when remortgaging
The biggest advantage of a fixed rate is that you know exactly what your repayments will be for a pre-agreed length of time, as they will not change no matter what happens to wider interest rates.
Monthly repayment cost
This is a fixed cost each month. Knowing this cost will help you to determine if the mortgage is affordable for you, and to budget for the repayments.
A variable rate mortgage moves up and down in line with wider interest rates, so your rate of interest and therefore your monthly repayments can change.
Agreement in principle
Know how much we’ll be able to lend you in principle without commitment. Just provide a few details about yourself. This will not affect your credit score.
Penalties for late/missed payments
It's worth noting what to expect in the event payments are late or missed so that you can decide if it's something you're willing to accept.
Early repayment options
You might be in the position to repay your mortgage earlier than your agreed term. It’s good to be aware of your options as you might be able to do it without fees.
What's an Approval in Principle (AIP)?
An Approval in Principle (AIP) is also known as an Agreement in Principle, Decision in Principle, Mortgage in Principle or a Mortgage Promise. An AIP is useful if you want to know how much you could borrow. If you provide Post Office with a few personal details about you and anyone else who will be named on the mortgage we'll give you a statement of how much we'll be able to lend to you in principle (don't worry, we're not committing to anything at this stage). You'll need to request an AIP before completing a full mortgage application.
How much could I borrow?
You can get an estimate of how much you may be able to borrow with our affordability calculator.
How do I know if I'm eligible for a Post Office mortgage?
There are a few things to consider before you apply. We have some key lending criteria below:
You must be at least 18 and your mortgage must usually end before you reach 75
The term of the mortgage must be a minimum of five years and up to a maximum of 35 years
You must have a clean credit history
You must normally have a minimum household income of £20,000
You must be remortgaging a UK property
You must be a UK resident or have full rights to reside in the UK
Is it possible to make overpayments on my mortgage?
Yes. If you’re in a promotional period, you can overpay a minimum of £500 and a maximum of 10% of the outstanding mortgage balance (as at the prior 31 March) without incurring any early repayment or administration charges. Once the promotional period is over, the amount you can overpay is unlimited, but if you pay off your mortgage in full charges may apply.
How can I apply for a mortgage with Post Office?
You can apply for a Post Office Mortgage either online or over the phone. By phone Call us on 0800 707 6206. We’re open 9am – 5pm Monday to Friday – Closed on Saturday and Sunday. Online If you're thinking about applying online make sure you've reviewed our product range in full. If you'd like some help along the way, our experienced advisers are just a call away.
Where can I go for advice?
If you need help deciding which mortgage is right for you, you can speak with one of our mortgage specialist over the phone.
We are available 9am-5pm Monday-Friday Closed on Saturdays and Sundays
Subject to status and lending criteria. Written mortgage illustrations available upon request. Borrowers must be aged 18 or over.
Post Office Money® Mortgages are provided by Bank of Ireland (UK) plc. 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. Post Office Limited is registered in England and Wales. Registered Number: 2154540. Registered Office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office Money® and the Post Office Money® logo are registered trademarks of Post Office Limited. Our FCA Register Number is 409080. You can confirm our registration on the FCA's website (www.fca.org.uk).