90 per cent mortgage pledge from the “Peoples Bank”

The Post Office which some are now calling the ‘Peoples Bank’, will also increase its lending substantially, aiming to double the value of its mortgage book in the financial year 2010/11.

Publishing the Government’s response to its consultation on Post Office banking, Lord Mandelson said:

“Since the global banking crisis we have set about reinventing the financial services industry piece-by-piece, building a system that is fairer, trusted and more responsible. 

 “Today is the next step in that process. The Post Office is a well-loved community institution and this move will bring more banking services back to the heart of those communities.”

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0 thoughts on “90 per cent mortgage pledge from the “Peoples Bank”

  1. Mick Edwards

    It’s good to see an actual increase in competition between lenders and i’m interested to see what rates they will be offering. There is an increase in this LTV and I suspect it will be the highest that lenders will be fighting each other over in the future.