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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 09/03/2012

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 It is now over 6 months old so the content may be out of date.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, and a couple of great savings accounts.

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

Mortgages


Nottingham
Building Society

  • Nottingham Building Society has launched a new five-year fixed rate mortgage offering a rate of 4.74% to 1.5.17.
  • The maximum loan-to-value is 90% and customers can borrow a minimum of £30,000.
  • A generous incentive package is included, offering all borrowers a free valuation and free legal fees for those remortgaging.

At 90% loan-to-value, this five-year fixed mortgage with no arrangement fee has the lowest rate in the market for deals over this period. The deal is further boosted by the generous incentive package of free valuation fees for all customer types. In addition, consumers looking to remortgage can benefit from free legal fees. Overall, borrowers with smaller deposits, those looking to get on the property ladder or with limited funds, will find this deal appealing.


Principality
Building Society

  • After a review of its variable mortgage range, Principality Building Society has launched a new discounted rate of 3.99% (1.00% discount) to 31.3.14.
  • The product has a maximum loan-to-value of 75% for advances between £5,000 and £500,000 and no arrangement fee.
  • A free valuation is offered to all borrowers and free legal fees are offered to those looking to remortgage.

This new two-year discounted deal offers a rate of 3.99% to 31.3.14. The product's main appeal is the lack of arrangement fee, as there are only a handful of other lenders at 75% loan-to-value offering this. Borrowers looking to remortgage may be attracted to the offering of free legal fees on top of the free valuation incentive.

Savings


Cheshire
Building Society

  • Following an increase of 0.19% the Direct Cash ISA (Issue 1) now leads the variable ISA market with its new rate of 3.35% including a 2.35% bonus until 30.9.2013.
  • Savers can invest a minimum of £1,000 and no advance notice is required to access funds.
  • Transfers in are not accepted.
  • The account is available to savers aged 16 and over and can be operated by post only.

The latest rate change from Cheshire Building Society has seen a reshuffle at the top of the variable ISA market. Paying a market-leading rate of 3.35% with a bonus of 2.35% until 30.9.13, this competitive tax-free account should prove popular with savers with a minimum deposit of £1,000.


Santander

  • Santander has launched Issue 9 of its Direct ISA paying 3.30% including a bonus of 2.80% for twelve months.
  • Savers can invest a minimum of £2,500.
  • Transfers in are accepted.
  • A cash card is also available.
  • The account is available to savers aged 16 and over and can be operated by telephone or online.

At 3.30% the Direct ISA Issue 9 pays a highly competitive rate of return. Savers can transfer their previous years' allowances and have the added flexibility of a cash card. As with any account paying an introductory bonus, savers would be wise to review their savings options just before the bonus period expires.

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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