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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 16/03/2012

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 It is now over 6 months old so the content may be out of date.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

Norwich & Peterborough Building Society - Product details

  • Norwich & Peterborough Building Society has launched a new variable tracker mortgage offering a rate of 3.54% (BBR + 3.04%) for two years.
  • An arrangement fee of £295 is payable.
  • The maximum loan-to-value is 85% and customers can borrow a minimum of £75,000.
  • A generous incentive package is included, offering all borrowers a free valuation, free legal fees for those remortgaging or a £200 rebate for second-time buyers or first-time buyers.

Moneyfacts.co.uk analysis

At 85% loan-to-value, this two-year tracker mortgage has a very reasonable fee at £295 and a generous incentive package. Borrowers can take advantage of free valuation fees plus extra incentives of free legal fees or a £200 rebate depending on the customer type. Those looking for a high loan-to-value mortgage will find this deal particularly attractive.

Market Harborough Building Society - Product details

  • Despite an increase in rate, the two-year fixed rate mortgage at 3.24% to 30.4.14 is still a competitive deal.
  • The product has a maximum loan-to-value of 80% for advances between £50,000 and £350,000 with a £795 arrangement fee.
  • A refunded valuation or a £10 rebate is offered to all borrowers and free legal fees are offered to those looking to remortgage.

Moneyfacts.co.uk analysis

With a fixed rate of 3.24% for two years this 80% loan-to-value deal remains one of the top six best buys in this sector for these borrowing amounts. Consumers can benefit from a range of incentives such as a refunded valuation or £10 rebate for all customer types and free legal fees for those remortgaging. Needless to say borrowers who can put down a 20% deposit will find this deal appealing.

Savings

Coventry Building Society - Product details
  • This issue of the Online Saver pays 3.15% yearly including a bonus of 1.15% for 12 months.
  • A monthly option of 3.11% is also available with a 1.13% bonus for 12 months.
  • Savers can invest a minimum of £1 and a maximum of £250,000.
  • A maximum of four withdrawals are permitted per year, otherwise they are subject to 50 days' interest penalty.
  • The account is available to savers aged 16 and over and can be operated online only.

Moneyfacts.co.uk analysis

While the account is only available online, savers can benefit from one of the highest rates in the market for no notice accounts. While notice-free withdrawals are allowed, only four can be made per year, or an interest penalty will be applied. As with any account with an introductory bonus, savers should review the interest rate at the end of the deal to ensure they are getting a decent return.

AA - Product details

  • Following a review of the bonus on its Internet Extra ISA, the AA's online ISA now pays 3.50% including a bonus of 3.00% for 12 months.
  • Savers can invest a minimum of £2,500.
  • Transfers in are not accepted.
  • The account is available to savers aged 18 and over and can be operated online only

Moneyfacts.co.uk analysis
After increasing the rate on the bonus to 3.00%, this is now the top paying ISA on the market for new customers, with a rate of 3.50%. The ISA does not allow transfers so it is aimed at those wanting to invest in the new tax year. Savers would be wise to review the rate after the bonus period expires as it would revert to 0.50%.

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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