Have you ever tried to buy anything at a Post Office recently? Even during quiet times, it can take 15 minutes of queueing to buy a single stamp. Quite why anyone would want to buy anything they don't have to from the Post Office is a complete mystery to me,

Peter, London,

Surely if the Post Office want to be a modern Bank, they first have to obtain a casino license?

nigel foster, ryde, uk

D Villis, Bristol, Avon. I hope that you are right, but have my doubts. Given the extent of house prices as multiples of income I really do wonder how exposed some of our leading banks actually are. In the last property crash I saw some prices drop by 50-60% or more (admittedly the averages were much less) leaving banks and building societies very vulnerable to losses. The glut of legal actions against surveyors and solicitors was one attempt to recoup some of these losses. This time around the position appears to be even worse.

Graham, Oxford, UK

How depressing that Lord Oakshot does not understand what a sub prime mortgage is

David Nammory, Liverpool,

Graham, Oxford - I see what you're saying and it is hard to trust Banks, especially after NR but most Banks do lend wisely, it's in their interest to, the costs involved with repossesion and the time taken far out weigh any benefit. They are in this game to make money, ultimately to do that you want to retain customers - the longer they are with you the more profitable they are.

I'd also like to point out that the wise old Lord also calls the Post Office a sub prime lender. I'd like to see a sub prime lender offering the low rates that Post office have offered!

D Villis, Bristol, Avon

It is worth noting that the Post Office sells financial services products manufactured by several companies, including the government owned NS&I for savings bonds and the Bank of Ireland (through its UK subsidiary Bristol & West and through Post Office Financial Services - a joint venture between Bank of Ireland and the Post Office) for the lending and some other products.

Therefore, the mortgages offered by the Post Office are not in fact manufactured by the Post Office but merely brokered, with the loans actually ending up on the balance sheet of the Bank of Ireland (a private company).

Markus, London,

D Villis, Bristol, Avon. 'The Post office mortgages are supplied by a bank which...lends wisely.' Are there any of these left? And, if so, are you willing to stake anything on the fact that this one fits that description? The PO is in a near unique position of state underpinned trust - you can't just treat it like any other mortgage broker.

Graham, Oxford, UK

What a fool this man is, using the current climate to make un thought out comment, just to get his name in the papers. The Post office mortgages are supplied by a bank which has a long standing history, and lends wisely. Why should the bank be able to sell it's 95% products, but the Post Office can't. The key here is to lend responsibly to people who can affordpayments.

Just someone doesn't have more than 5% deposit doesn't mean they are on low earnings. IT just means they haven't got enough to get them on the ladder at the present time. When I bought my house I needed 95% LTV and I've never even nearly defaulted on a pament.

Lord Oakeshott should think in future - headlines like this don't help our economy, the less people in the market, the lower the house prices - the more people slip into negative equity - It is he, not Darling that threatens the 1st time buyers - and the rest of the market.

D Villis, Bristol, Avon

At least there'll be no need to nationalise it when this mad idea hits the 'rocks'.

Clive, Chichester, UK

Does this not break EU laws on state funded competition?

After all the Post Office is backed to the hilt by the treasury - in effect making it another branch of Norther Rock (maybe there's a Nu Labour merger opportunity in the making here).

Father Ignatius Brown, London, UK

well if post office wants to turn in to bank then i supose thay have to enter in to full range of product that bank would prowide its like any other business no matter what you do you have to take some risk to get recognise in compititev market i am sure post office must have some responsible bodie to aprove such mortgages.

sunil, manchester,