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Everything you need to know about Post Office mortgages

The Post Office offers many financial services through their Post Office Money brand, including a range of mortgages and re-mortgages. Finding the right mortgage for your property plans can be difficult, and the volume of options makes it confusing. 

Our simple tool lets you compare reviews, interest rates, deposit values, and other details for UK mortgage providers. Comparing mortgage quotes can help you make an informed choice and save money.

How long does a Post Office mortgage application take?

Most mortgage lenders take between two and four weeks to process mortgage applications. However, this could be longer if the mortgage lender is particularly busy, or if your mortgage application has unusual circumstances.

Are tracker mortgages better?

Tracker mortgages, also known as variable rate mortgages, may be better for some people. A variable rate mortgage means the mortgage interest rate goes up or down in relation to the national base interest rate. So, the interest rate on a variable rate mortgage could be higher or lower than a fixed rate mortgage.

How far in advance should I get pre-approved for a mortgage?

The general advice is to get pre-approved 6 months – 1 year before you start looking for a house. Doing this in advance means you know how much money you’ll be able to borrow, and also gives you time to improve your credit rating if needed.

How can I improve my credit rating for a mortgage?

You can do this by paying back any debts you owe properly, making sure you do not miss payments, and, in some cases, by minimising the amount of debt you have. A financial advisor would also be able to help you improve your credit rating.

What’s the difference between a fixed and tracker mortgage?

A fixed rate mortgage means the interest rate is fixed at the beginning of your mortgage and doesn’t change until the end of your mortgage. A tracker mortgage means the interest rate changes according to the national base interest rate.

Should I look at houses before pre-approval?

Yes, but most estate agents prefer you to have gone through pre-approval before you start house-hunting. This is because if you do not have pre-approval, you may not be able to buy a house that you’re interested in.

Are Post Office mortgages similar to secured loans?

Yes, mortgages are a type of secured loan. This means that if you fail to pay your mortgage payments, your house is considered security for the loan, and could be seized and sold to cover the remainder of your mortgage debt.