The Business Secretary Lord Mandelson has announced a major expansion of financial services offered by The Post Office including a new mortgage product with a 90% loan-to-value ratio aimed at first-time buyers.
In a drive to put banking back into the heart of communities and making the Post Office network of 11,500 branches more sustainable he also announced £180m of new funding for the Post Office.
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.”
http://firsttimebuyersupermarket.co.uk/
Tuesday, 6 April 2010
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