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Post Office mortgage trials: Rate cut announced

The Post Office has demonstrated increasing commitment to pricing its mortgages competitively by announcing a further cut to its on-trial fixed rate products.

A comparatively recent entrant into the financial services sector, the firm has introduced a host of insurance and personal loans products along with trialling mortgages.

The pilot home loans have been offered at selected branches since last year.

Three-year fixes from the Post Office now carry a rate of 5.34 per cent - the third cut since they were launched at 6.09 per cent last September.

By way of comparison, the Bank of England has cut the base rate of interest by 0.5 per cent across this period.

Director of lending at the Post Office Gary Fitton commented: "In the current market we are keen to pass on as much value as possible to our customers, which is why we have reduced our rates even further today."

He added: "The aim of our trial is to identify the need for straightforward mortgages in what is already a confusing market for customers."

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