Saturday, October 17, 2009
Irish taxpayer props up British mortgage market. Hope they don’t send applications out by post.
The Post Office is to launch a major assault on the mortgage market on Monday with its first tracker deal and a rate cut on some existing products. Its aim is to become one of the Britainâ€™s top ten lenders, approving at least Â£3 billion worth of home loans by the end of next year. The Post Office expansion into the mortgage market is being financed by Bank of Ireland, now rescued by the Irish Government, as part of a joint venture.