Post Office gives hand to those with a small deposit

March 8, 2015 by Brendan O'Neill

Borrowers

With the increased focus on responsible lending, many lenders only offer the best rates to those with a large deposit. The Post Office has stepped in to fill this gap, reaching out to those with only a five percent deposit with its Help to Buy option.

With house prices slowly increasing, the amount of deposit required is the biggest challenge that most first-time buyers face. The Post Office is now leading the way with a two-year fixed rate at 3.98 percent, which is the lowest ever rate for those with a loan-to-value of 95 percent.

Recent weeks have seen the competition hot up, with record rates being released one after the other as lenders each compete for a bigger share of the market. Up until now, most offers have been aimed at those with a deposit of at least 40 percent, so the new deal by Post Office Money should attract the attention of those with a smaller deposit.

Working within the financial services sector, in particular the mortgage field, you will work within the regulatory guidelines set out and overseen by the Financial Conduct Authority (FCA). In order to meet with customers and find out about their needs and requirements, you will first complete your CeMAP training and pass the exam at the end. As a qualified mortgage advisor, you will be able to conduct a full affordability assessment with your customers to see if the mortgage they want is affordable, and then advise them on the most appropriate package.