The Post Office and Bank of Ireland UK have ended mortgages and unsecured personal loans under the postal service’s branding as part of a new deal between the firms.
The companies say they will continue to provide a range of products such as easy access cash ISAs, junior ISAs, instant saver accounts and growth bonds for “customers who can’t, or prefer not to, go online”.
The Post Office, which has over 11,500 branches throughout the UK, says its own branded mortgage and personal loan customers are unaffected by the move.
The firms add that the new agreement “is focused on savings and will also enable the Post Office to strike new deals in the future with other financial providers, particularly with regards to personal loans”.
They add that its foreign exchange joint venture continues under the same terms and remains the largest provider of consumer foreign exchange in the UK.
Post Office chief executive Nick Read says: “Our renewed partnership with the Bank of Ireland also gives us flexibility to strike new deals with other financial services providers to bring new products and services to market.
“Being able to offer personal loans with a provider that understands our long history and the pivotal role we play in communities and for a broad range of customers of all ages and backgrounds is important to us.”
