Mortgages aimed at first-time buyers that require a 10% deposit are to be offered by a revamped Post Office, the government has said.

The institution will start to offer financial products from its network of 11,500 branches within the next year.

The government has announced more details to the plans which were first outlined last autumn.

It also said that funding will keep the branch network at "around its current size".

The plans also include the provision of children's accounts, and an account that allows those on low incomes to manage their household bills. However, a date has not been set for every planned new service.

The Post Office has more branches than all of the High Street banks combined.
The first of the new services - a children's savings account - will be introduced in the next 12 months, the government said.

The mortgage product, backed by the Bank of Ireland, will also be introduced within the next year

Source: BBC News