The Post Office has started selling mortgages through its branch network as it aims to rival other high street lenders.
The Post Office has previously sold mortgages through an online and telephone service, but there are now ‘mortgage specialists’ in five branches in Birmingham, Solihull, Walsall, Luton and Norwich. The service will also be rolled out to other branches over the coming months.
However, the in-branch advisers will not be offering customers regulated mortgage advice. Customers will be offered free appointments to discuss the suitability of Post Office mortgage products, but loans from other providers will not be considered.
Claims of mortgage approval ‘within a few minutes’
Customers will be able to see details of potential Post Office mortgages on screen including features and repayments. It claims they will be able to submit applications and get a printed Approval in Principle ‘within a few minutes’.
The launch of in-branch mortgages marks an expansion of the Post Office’s existing banking services such as savings, loans and insurance. And with over 11,500 branches, more than all the other main banks combined, it maintains a significant high street presence.
The Post Office’s bid to become one of the top-ten mortgage providers in the UK follows news earlier this week that Tesco Bank has launched a range of mortgage products. Tesco Bank has provided financial services since 1997, but this is the first time it has offered home loans.
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