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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 10/02/2012

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 It is now over 6 months old so the content may be out of date.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

Leek United Building Society - Product details

  • Following a review, Leek United Building Society has launched a new fixed rate mortgage range with an attractive three-year deal.
  • Offering a rate of 3.49% to 30.4.15, the product has a maximum loan-to-value of 85% and a minimum advance of £30,000.
  • An arrangement fee of £995 is payable.
  • An incentive package is also on offer including refunded valuation fees (maximum £500,000 property value) and a £250 rebate on completion.

Moneyfacts.co.uk analysis
This three-year deal at 3.49% from Leek United Building Society has the lowest 85% loan-to-value rate for this term in the market. Customers looking to keep costs to a minimum will find this deal very striking as it comes with an incentive package of a refund in any valuation fees, subject to a maximum property value of £500,000 and a £250 rebate will be most welcomed.

Chelsea Building Society - Product details

  • Chelsea Building Society has launched a new five-year fixed rate mortgage offering a rate of 5.14% to 31.3.17.
  • The maximum loan-to-value is 90% and customers can borrow a minimum of £75,000.
  • A fee of £395 is payable.
  • All customers can enjoy a £200 rebate.
  • The deal is available to both purchase and remortgage borrowers.

Moneyfacts.co.uk analysis
Chelsea Building Society continues to launch competitive fixed deals over a five-year term this week. As an alternative to its lowest fixed mortgage of 4.69% over five years with a £1,495 fee, this deal has a lower fee of £395. Customers with a 10% deposit will find this deal particularly attractive.

Savings

Virgin Money - Product details

  • Virgin Money has launched a one year fixed rate Cash ISA paying 3.00%.
  • Savers can invest a minimum of £1.
  • Further additions are allowed up to 30 days after opening the account.
  • Transfers in are accepted.
  • Earlier access is subject to 60 days' loss of interest.
  • The account is available to savers aged 16 and over online only.
Moneyfacts.co.uk analysis

Virgin Money has launched a Cash E-ISA which is available online only. At 3.00% this is one of the top ten paying ISAs currently available on the market. In addition, customers will be pleased that they can make transfers in and access their funds, but they need to be aware that early access is subject to a penalty.

Halifax - Product details

  • After a review of its fixed rate range, Halifax now offers the four-year fixed rate bond paying a reduced rate of 4.15% on maturity and a monthly option is available at 4.07%.
  • Investments range between £500 and £5 million.
  • Further additions are not permitted, while early access is available upon account closure and is subject to a 320 day loss of interest penalty.
  • The account is available to savers aged 16 and over online only.
Moneyfacts.co.uk analysis

The Fixed Online Saver from Halifax pays a fixed rate of 4.15%, which the best online-only deal available over a four year term. Customers will also be pleased with a decent monthly rate of 4.07%, which is the best monthly online-only rate, but they must tie in their funds for the full four year term or be subject to an interest penalty.

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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