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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 10/05/2012

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 It is now over 6 months old so the content may be out of date.

This week's 'Money in a Minute' gives you the lowdown on the best new launches in the savings, mortgage and loan markets.

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

To make sure you fully understand the products, we outline the technical details behind the plans before giving you our invaluable and insightful analysis.

Mortgages

Coventry Building Society - Product focus

This latest launch from Coventry Building Society offers a variable deal priced at 4.15% for term. The minimum loan-to-value is 85%. A fee of £199 is payable. All borrower types get the incentive of free valuation fees (max £670) and remortgage borrowers can benefit from free legal fees.

Moneyfacts.co.uk analysis

While this variable rate deal may not offer the lowest rate at 4.15% for term for this type of mortgage, it does only require a 15% deposit and has a low fee of £199. As an added bonus, applicants can benefit from free valuation fees (subject to a maximum of £670) and remortgage borrowers get free legal fees, a helpful extra to keep upfront costs down.

first direct - Product focus

A new variable rate tracker mortgage has been launched offering a rate of 3.19% for term (BBR + 2.69%). The minimum loan-to-value is 75% and customers can borrow between £10,000 and £1 million. A fee of £499 is payable. Remortgage borrowers have the incentive of free legal fees. Customers must open a first direct current account alongside the mortgage to qualify.

Moneyfacts.co.uk analysis

Launching a new deal this week, first direct is offering a variable tracker mortgage with a rate of 3.19% for term. Applicants will be required to deposit at least 25% and remortgage customers can benefit from free legal fees. Those who wish to apply for the deal will need to also take out a first direct current account.

Savings
Leeds Building Society - Product focus

Leeds Building Society has re-launched its 1 Year Fixed Rate ISA paying 3.25% until 31.5.13. Savers can invest from £1. Withdrawals of up to 25% are permitted penalty free, otherwise a 90 day loss of interest penalty will apply. Transfers in are not accepted. This account is available to savers aged 16 and over and can be operated in branch or by post.

Moneyfacts.co.uk analysis


Leeds Building Society has re-launched its one-year ISA paying a competitive rate of 3.25%, and with the minimum deposit set at £1, it should appeal to a wide audience. The extra incentive of free withdrawals subject to a maximum of 25% is also an attractive feature.

Close Brothers Savings - Product focus

Close Brother Savings has launched a new three-year fixed bond paying 4.00% on its anniversary. Savers can invest from £10,000 to £2 million. No early access or further additions are permitted. The account is available to savers aged 18 and over and can be operated by post or telephone.\

Moneyfacts.co.uk analysis

The Select Gold Fixed account has one of the highest rates in this sector at 4.00%, just shy of the market leader. This account should appeal to savers looking for a competitive return on large investments of £10,000 and above. As with many fixed rate accounts of this type, earlier access or further additions are not permitted.

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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