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Money in a Minute

Money in a Minute

Category: Money

Updated: 14/12/2012
First Published: 02/12/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Welcome to your weekly dose of the best new products to hit the personal finance market, Money in a Minute.

This week, we showcase two cracking mortgages, a great new savings account.

As usual, we've broken the products down into technical details and unbiased analysis, so you know exactly what you're getting.

Mortgages

Mansfield Building Society

  • Following a review of its mortgage range, Mansfield Building Society has increased the rate on its three-year discount variable deal to 4.99%.
  • The maximum loan-to-value is 95% and customers can borrow between £25,001 and £200,000.
  • A fee of £999 is payable.
  • This product is available to purchase customers only and offers the incentive of a refund on the valuation fee (up to a maximum of £400).
  • There is also the option to make overpayments up to 10% of the mortgage advance.

Despite an increase to its rate, this product still offers a very competitive deal to purchase borrowers with a limited deposit. There is a reasonable fee of £999 and the incentive of a refund on the valuation fee will be pleasing news to those looking to keep costs to a minimum.

Vernon Building Society

  • Vernon Building Society has launched a new three-year fixed deal at 3.29%.
  • The maximum loan-to-value is 80% and customers can borrow between £25,001 and £500,000.
  • A fee of £499 is payable.
  • This product is available for purchase and remortgage customers.
  • An attractive package of incentives is offered including free valuation fees, a £499 refund on the arrangement fee and the choice of either free legal fees or £200 towards legal fees.

The launch of this new product should please borrowers looking for a highly competitive mid-term fixed deal. As well as a great rate, this deal offers an appealing overall package with a low arrangement fee and a host of generous incentives.

Find the best mortgage for you - Compare fixed rate mortgages

Savings

Vanquis Bank

  • Vanquis Bank has increased the rate on its two-year High Yield Bond by 0.20% to 4.05%.
  • A monthly interest option is also available at 3.98%.
  • Savers can invest between £1,000 to £250,000.
  • Further additions or early access is not allowed.
  • This account can be operated by savers aged 18 and over online only.

Following a review of its two-year fixed account, Vanquis Bank now pays one of the top rates in the market for this term. Savers can enjoy a competitive rate of 4.05%, although they must be willing to lock funds in for the duration of the term as early access is not permitted.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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