Post Office Money is now available. You don’t need ER1 as it’s a mortgage
The aim is for Post Office to offer the more traditional mortgages, with BOI being more specialist.
You’ll see from below we have also entering the Later Life Lending market with two options available:
| Retirement Link Capital and interest | Retirement Link Interest only |
| Enables your customers to retain 100% of the value of their home at the end of the mortgage term as it is not equity release | Gives your customers access to a lump sum secured against their home |
| Available for purchase and remortgage | Applicants must be mortgage free Minimum property equity of £250,000 |
| Maximum 50% LTV | Maximum 30% LTV |
| Maximum 35 year term | Maximum 25 year term |
| Maximum age 90 at the end of the mortgage term. | Maximum age 80 at the end of the mortgage term. Loan repayable from the sale of the mortgage property, so this could be a good option for those looking to downsize in the future. |
| Minimum guaranteed pension income of £15,000 | Minimum guaranteed pension income of £15,000 |
| Maximum loan £500,000 | Maximum loan £500,000 |
Post Office Family Link
It’ made up of two loans:
- The first time buyer takes a 90% LTV mortgage against the property they’re buying
- Then, with a parent or close relative (their assistor) they take out a mortgage for the remaining 10%, securing this against the assistor’s mortgage free home. This is interest free and must be repaid in five years.
