Post Office has reduced mortgage rates by up to 0.47 percentage points on a number of its fixed rate and tracker mortgages as well as increasing its range of ‘fee saver’ products.

Post Office has also cut its current best-selling product by 0.14 basis points, which is a five year fixed rate at 75% LTV with no arrangement fee.

The largest reduction is to its three year fixed rate at 75% LTV from 3.45% to 2.98%.

The number of ‘fee saver’ products have been expanded across two, three and five-year fixed rates. These deals have no arrangement or booking fee and include free standard legal work and a standard valuation.

John Willcock, head of Post Office Mortgages, said: “At Post Office, we are constantly reviewing our mortgage offering to ensure we provide customers with the best value possible. We are pleased to be able to expand our current range to offer low interest rates and reduced fees on mortgages. In doing this, we hope to provide options to suit a variety of customers, whether they are first time buyers, homeowners looking to remortgage and those with varying deposits.

“We want to give all customers as much support as possible and as some lender-SVRs continue to increase, our fee-free options below 4% will provide timely assistance to those wishing to remortgage and reduce their monthly mortgage payments.”