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Money in a Minute

Money in a Minute

Category: Money

Updated: 03/06/2011
First Published: 03/06/2011

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 It is now over 6 months old so the content may be out of date.

Today's 'Money in a Minute' showcases the best new launches in the savings and mortgage markets over the past week.

The products featured have been handpicked by the impartial research team here at Moneyfacts.co.uk, so you can be sure they are some of the best deals in their respective fields.

To make sure you fully understand the products, the technical details behind the plans are followed by our analysis.

Savings

Cheltenham & Gloucester - Product details

  • Cheltenham & Gloucester has launched its Two Year Fixed Rate Cash ISA Issue 8 account.
  • This deal pays a rate of 3.50% maturing on 10.7.13.
  • A monthly interest option is available at 3.45%.
  • Savers must invest a minimum of £100. Earlier access is permitted, but is subject to 120 days' loss of interest.
  • Transfers in are accepted.
  • The account can be operated in branch and by post by investors aged 16 and over.

Moneyfacts.co.uk analysis

A review of its ISA product range sees the unveiling of Cheltenham & Gloucester's new competitively priced two year fixed rate account. At 3.50%, it sits just inside the top five products for its term. The fact that earlier access is allowed, albeit subject to penalty, should prove popular with savers.

Aldermore - Product details

  • Aldermore has increased the rate on its 1 Year Fixed Rate Cash ISA by 0.20%.
  • This deal pays an extremely competitive rate of 3.33% on maturity, with a monthly interest option paying 3.28%.
  • Savers must invest a minimum of £1,000.
  • Further additions cannot be made, although early access is allowed subject to 120 days' loss of interest.
  • All withdrawals must be made via a nominated account.
  • Transfers in are accepted.
  • The account is available to savers aged 18 and over and can be operated by post, telephone or online.

Moneyfacts.co.uk analysis

A review of its short term fixed rate products sees the launch of a new market-leading 1 Year Fixed Rate Cash ISA at 3.33%. Investors have the flexibility to access funds during the term, but must be willing to incur the 120 days' loss of interest penalty.

Find the best savings rates for you - Compare savings accounts

Mortgages

Halifax - Product details

  • Halifax has reduced selected mortgage rates, including some of its remortgage products.
  • The most notable is the 2.69% (BBR + 2.19%) to 31.7.13 for remortgage borrowers only.
  • The maximum loan-to-value is 60% and customers can borrow up to £1 million.
  • A fee of £1,240 is payable.
  • Incentives of a free valuation and free legal fees are also offered.

Moneyfacts.co.uk analysis

This latest product review from Halifax sees the launch of a new variable tracker deal designed for remortgage customers. The product offers a good rate, combined with a reasonable fee and generous incentives. The options to make overpayments, underpayments and take payment holidays should certainly appeal to those looking for a flexible mortgage product.

Santander - Product details

  • Santander has launched a new product offering 5.79% to 2.8.13 to borrowers with a deposit of 10% or more.
  • Available for first and second-time buyers only, this deal has a maximum borrowing amount of £1 million and a low arrangement fee of £99.
  • Incentives of a free valuation and a £250 rebate upon completion are also offered.

Moneyfacts.co.uk analysis

This latest two year product from Santander should please borrowers who are looking to keep their initial costs to a minimum. A high loan-to-value of 90%, low arrangement fee of £99 and generous incentives mean this deal offers a good overall package. The option to make overpayments of up to 10% of the outstanding balance will also help to boost its appeal.

Find the best mortgage rate - Compare best selling mortgages

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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