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Money in a Minute

Money in a Minute

Category: Money

Updated: 20/01/2012
First Published: 20/01/2012

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 It is now over 6 months old so the content may be out of date.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

Melton Mowbray Building Society

  • Melton Mowbray Building Society has increased the rate on its Online 100 Day Notice account by 0.15% to 3.10%.
  • Investments range between £1,000 and £250,000 and as the name implies, savers must give 100 days' notice to access funds.
  • The account is available to savers aged 16 and over and can be operated online only.

This latest rate increase sees the Online 100 Day Notice account soar to the top of the notice account market with a highly competitive monthly rate of 3.10%. Whilst this is a very attractive product, savers must be willing to give their provider advance notice before accessing their money.

ING Direct

  • The latest no notice Savings Account from ING Direct pays a competitive monthly return of 2.86% including a bonus of 2.36% for twelve months.
  • Savers can invest between £1 and £250,000.
  • No advance notice is needed to access funds, although all withdrawals must be made via a nominated account.
  • This product is available to savers aged 18 and over and can be operated online only.

Paying a rate of 2.86% including a bonus of 2.36% for the first 12 months, the Savings Account sits comfortably among the easy access market-leaders, despite a slight reduction to its bonus rate. Interest is paid monthly, which should appeal to customers who wish to use their savings to supplement their income.

Find the best savings rates for you - Compare savings accounts

Mortgages

Furness Building Society

  • Furness Building Society has launched a new four year fixed rate mortgage deal offering a rate of 3.45%.
  • The maximum loan-to-value is 80% with purchase and remortgage customers able borrow between £20,000 and £500,000.
  • A fee of £199 is payable. A range of incentives are offered to borrowers, depending on where in the UK they reside: Borrowers in England and Wales can enjoy free legal fees, whilst borrowers in Scotland have the added incentive of a £150 contribution towards legal fees.
  • All remortgage borrowers will receive a free valuation.

This new four year fixed rate mortgage from Furness Building Society offers customers with a 20% deposit a competitive a very competitive rate of 3.45%. Along with a good rate and low fee, this deal has a generous incentive package and should appeal to both purchase and remortgage customers.

Leek United Building Society

  • The latest new mortgage deal from Leek United Building Society offers 4.89% to 30 April 2017.
  • The maximum loan-to-value is 90% and purchase and remortgage customers can borrow between £75,000 and £500,000.
  • A fee of £995 is payable.
  • There is also the flexibility to make overpayments of up to 10% of the mortgage advance.

Leek United Building Society's latest five year fixed mortgage deal offers a rate of 4.89% with a reasonable arrangement fee of £995. Although no incentives are offered, the option to make overpayments should appeal to borrowers looking for payment flexibility.

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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