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Money in a Minute

Money in a Minute

Category: Money

Updated: 13/04/2012
First Published: 13/04/2012

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 It is now over 6 months old so the content may be out of date.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

Mortgages

Coventry Building Society - Product details

  • Coventry Building Society has launched a new variable rate mortgage of 3.45% to 30.6.14.
  • The maximum loan-to-value is 80% and is available to all customers in Great Britain and Northern Ireland.
  • There is a fee of £999 payable.
  • A range of incentives are on offer including free valuation fees (subject to a maximum cost of £670) for purchase customers and free legal fees for those remortgaging.

Moneyfacts.co.uk analysis
With a rate of 3.45%, the main attraction of this two-year variable rate mortgage is its incentive package. Offering purchase customers free valuation fees, subject to a maximum cost of £670 and free legal fees for those remortgaging, customers looking to keep initial costs down will find the deal appealing. Applicants will need to pay a fee of £999; however, this is on par with similar deals on offer today.

Santander - Product details

  • Santander has reduced selected rates across its fixed rate range with its lowest two year fixed deal offering a new rate of 2.99% to 2.6.14.
  • The maximum loan-to-value is 60% and purchase customers can borrow between £6,000 and £1 million.
  • A fee of £995 is payable.
  • Free valuation fees are offered to borrowers residing in England, Northern Ireland, Isle of Man, Wales and a £250 rebate is given to all borrowers upon completion.

Moneyfacts.co.uk analysis
A reduction to its two year fixed product for first and second-time buyers sees Santander offering a decent rate of 2.99%. Combined with a reasonable fee and generous incentives this deal should appeal to borrowers looking to keep their initial mortgage costs to a minimum.

Savings

Sainsbury's Bank - Product details

  • Sainsbury's Bank has launched an online variable rate no notice account paying 2.75% yearly.
  • The minimum investment is £1,000 and maximum investment is £100,000.
  • The account can be operated online by investors aged 18 and over.

Moneyfacts.co.uk analysis
By launching their new eSaver Special account, Sainsbury's Bank has propelled to the top quarter of the online no notice account market. No advance notice is required, so this account should appeal to savers looking for short-term access to their money.

Post Office - Product details

  • Post Office has launched a one-year fixed Online Bond Issue 7 paying 3.27% on maturity.
  • A monthly rate of 3.22% is also available.
  • Savers can invest between £500 and £2 million.
  • Further additions are not permitted and funds can only be accessed on account closure, subject to a breakage fee.
  • The account can be operated by savers aged 18 and over online only.
Moneyfacts.co.uk analysis
Post Office has returned to the fixed rate savings market with its one-year fixed Online Bond Issue paying a competitive rate of 3.27%. This deal should prove popular with savers who are prepared to lock a minimum investment of £500 for the duration of the one year term.

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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