This week celebrates the launch of our two new and exciting Post Office mortgage products; Post Office Family Link™ and Post Office Retirement Link™.
Working closely with Bank of Ireland, we have undertaken extensive customer research to understand what aspects of the mortgage market are just not working for our customers.
The research showed that for many, helping children get onto the housing ladder was a key priority, whilst for others being able to borrow into later life was important.
The products are designed to fill a clear gap in the market and respond to changing customer needs. Post Office is offering customers more choice, giving first time buyers a real opportunity to get on the property ladder and enabling customers in retirement to free up funds from their home.
Post Office Family Link™
- Enables parents or close relatives to help loved ones fund their deposit by using the value in their home.
- Aimed at first time buyers who can afford monthly repayments but are struggling to save for a deposit, and parents who want to help their children get on the property ladder but don’t have a large cash sum available.
Post Office Retirement Link™
- Ideal for customers who are looking for the opportunity to borrow in retirement but are not suitable for traditional mortgages or would prefer not to take out a lifetime mortgage.
- Recognises customers are active into retirement and gives them choices that other providers don’t.
Owen Woodley, Chief Executive, Financial Services and Telecoms, said: “Post Office has been helping customers with what matters most to them for over 350 years. The launch of these two new products will help customers to enjoy and make the most of their lives by solving the very real challenges we know they’re facing today.
“Post Office Family LinkTM helps customers who have good affordability, but are struggling to save for a deposit, often those who are already renting, to get on the property ladder themselves by allowing them to raise a 10% deposit against a close relative’s mortgage free property. This allows a parent, who may not want or have enough money to gift a cash deposit, to help their child buy their first home.
“Post Office Retirement LinkTM offers customers who are receiving a pension income the ability to take out a residential mortgage. Ideal for those who have a property with no or a little mortgage but don't have a lot of cash for doing those things like repairing their roof, or going on a fabulous holiday. Available as capital and repayment or interest only, customers can borrow up to a maximum loan of £500,000.”
Our new products will help position us as a leading player in the mortgage market and will be supported by our largest marketing programme of 2018-19.