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Money in a Minute

Money in a Minute

Category: Money

Updated: 16/12/2011
First Published: 16/12/2011

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 It is now over 6 months old so the content may be out of date.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

BM Savings

  • BM Savings has increased the rate on its BM eSaver Issue 2 account to 2.75%, payable monthly.
  • Savers can invest between £1 and £5 million.
  • Withdrawals can be made via a nominated account and no notice needs to be given to access funds.
  • This account can be operated by those aged 18 and over online only.

The eSaver account now offers a competitive rate of 2.75% which falls amongst the current market leaders for internet accounts without a bonus. Savers looking to supplement their monthly income and who want access to their money without any restrictions will find this account appealing.

Leeds Building Society

  • Leeds Building Society has launched a new 1 Year Fixed ISA paying 3.25% on maturity.
  • Savers can invest a minimum of £1.
  • Withdrawals can be made up to 25% of the investment penalty free, otherwise savers will incur a 90 day loss of interest.
  • Further additions can be made whilst the issue remains open.
  • This account can be operated by those aged 16 and over by branch or post.

This new one-year ISA offers a market-leading rate of 3.25% for this year's allowance. Savers will be able to access their money free of any penalties up to 25% of the capital invested. This will be good news to those trying to avoid any restrictions but who want to utilise their current ISA allowance.

Mortgages

Melton Mowbray Building Society

  • The latest variable mortgage deal from Melton Mowbray Building Society offers a discounted rate of 4.95% (0.04% discount) for two years.
  • Available to first-time buyers, the maximum loan-to-value is 95% and customers can borrow from £25,000.
  • A fee of £598 is payable.
  • This deal also has an offset option available.

Offering a rate of 4.95%, this is the only two-year discounted variable rate in the market at 95% loan-to-value. With a combination of a low rate and a reasonable fee, first-time buyers will find this deal very attractive and the offset option will allow borrowers to reduce the outstanding balance further.

Chelsea Building Society

  • Chelsea Building Society has reviewed its three year fixed mortgage which now offers a rate of 3.89% to 31 January 2015.
  • Available to all borrower types, the maximum loan-to-value is 85% and customers can borrow from £250,000 to £1 million.
  • A fee of £395 is payable.
  • There is also the option to make overpayments of up to 10% of the outstanding balance.

Following a small rate increase of 0.05%, the three-year fixed mortgage at 3.89% is still one of the lowest rates at 85% loan-to-value. This deal will be good news to those with smaller deposits, particularly first-time buyers, as it has a combined low fee and rate.

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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