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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 10/08/2012

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 It is now over 6 months old so the content may be out of date.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

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.

Savings

West Brom Building Society

  • West Brom Building Society has reviewed its variable WeBSave ISA now paying 3.16% (3.18% AER).
  • The rate includes a bonus of 1.66% until 30.9.13.
  • Savers can invest from £1,000 and early access to funds is subject to 60 days' loss of interest.
  • This account is available to savers aged 16 and over and can be operated online only.

This latest review to the WeBSave ISA propels it into the top three of variable rates on the market at 3.16%. Customers looking to utilise their tax-free allowance and looking for a decent rate will find this deal very attractive. However, they will need to make a diary note for 12 months' time as the rate includes a bonus which will expire.

AA

  • AA has launched a new three-year fixed rate bond paying 4.00% on its anniversary.
  • Savers can invest from as little as £1 up to a maximum £5 million.
  • Early access is permitted subject to a maximum of 270 days' loss of interest.
  • This account is available to savers aged 18 and over and can be operated by post only.

AA's newest offering is the three-year fixed rate bond paying 4.00%. This new deal is now one of the market-leading rates for its term. Unlike many fixed rate bonds on the market, access is permitted during the term; however, this is subject to a large penalty depending on the term remaining.

Mortgages

NatWest Intermediary Solutions

  • NatWest Intermediary Solutions has introduced a new two-year variable tracker rate to its range priced at 2.99% to 31.10.14.
  • The deal is available to all borrowers who borrow from £25,000 at 75% loan-to-value.
  • A fee of £2495 is payable.
  • Remortgage customers can benefit from a free valuation and free legal fees.
  • This product offers all borrowers the flexibility of making overpayments up to 10% of the outstanding balance per annum.

NatWest Intermediary Solutions has added a new two-year variable tracker rate priced at 2.99% to 31.10.14. This deal currently sits comfortably towards the top of the 75% loan-to-value sector. A good incentive package is available to remortgage customers of a free valuation and free legal fees, which will help keep initial costs down. Although a large fee of £2495 is payable, it can be added to the advance of the mortgage which helps customers who are looking for a low rate.

Tesco Bank

  • Tesco Bank launched its first range of mortgages this week, with its two-year fixed rate at 3.19% to 31.10.14 priced competitively at 70% loan-to-value.
  • This product is available to all borrowers who borrow a minimum of £40,000.
  • A fee of £995 is payable; however, £800 of this can be added to the advance.
  • Remortgage customers will benefit from a free valuation and free legal fees.
  • This product offers borrowers the flexibility to make overpayments of up to 20% of the outstanding balance.
  • A reward scheme is also offered whereby 1 Tesco Clubcard point will be awarded for every £4 of the mortgage repayment (excludes fees & charges) and on overpayments (excluding full repayment).

Launching its first range of mortgages, Tesco Bank arrives in the market with a range of deals with its two-year fixed at 3.19% favourably priced. The deal has a Clubcard point reward scheme for all borrowers, alongside free valuation and free legal fees for remortgage customers. The option to add a significant portion of the upfront fee to the mortgage will also be good news to customers as there is a 30% deposit to meet.

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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