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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 20/04/2012

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 It is now over 6 months old so the content may be out of date.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

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

Chelsea Building Society - Product details

  • Chelsea Building Society has launched a new fixed rate mortgage of 2.84% to 31.5.14.
  • The maximum loan-to-value is 70% and is available to remortgage customers in Great Britain .
  • There is a fee of £895 payable.
  • A range of incentives are on offer including free valuation fees and free legal fees.
  • There is also the option to make overpayments of up to 10% of the outstanding balance.

Moneyfacts.co.uk analysis

This new deal from Chelsea Building Society at 2.84% sits comfortably in the top ten lowest rates over a two-year fixed period. Available to remortgage customers only, it offers a range of incentives such as free valuation and free legal fees, so customers looking to keep costs low will find this deal particularly attractive.

Cumberland Building Society - Product details

  • Cumberland Building Society has re-priced selected mortgage products.
  • Most notable is the two year fixed rate deal offering a rate of 2.89% to 1.6.14.
  • Available to first and second time borrowers with deposits of 25% or more, this deal has a reasonably low fee of £699 and allows overpayments.

Moneyfacts.co.uk analysis

Despite an increase of 0.10% this two year fixed product still offers a competitive rate of 2.89% to 1.6.14 and sits amongst the market-leaders for this term. As well as a good rate, a low fee of £699 is payable which should appeal to customers looking to keep initial mortgage costs down.

Savings

>ING Direct - Product details

  • ING Direct has increased the monthly rate on its no notice account to 3.06% including a bonus of 2.56% for 12 months, for new customers.
  • Investments range between £1 and £250,000.
  • Early access is permitted, and is penalty free.
  • The account can be operated online or by telephone by investors aged 18 and over.

Moneyfacts.co.uk analysis

The Savings Account from ING Direct boasts one of the highest rates at 3.06% for no notice accounts. As an added bonus, savers have no withdrawal restrictions and can invest from £1. As with any account with a bonus, consumers must review the rate prior to the bonus expiring.

Personal Loans

Yorkshire Bank - Product details

  • Yorkshire Bank has amended the eligibility on its personal loan to new customers.
  • Offering a rate of 8.2% APR, this new loan rate is available to customers who wish to borrow between £5,000 and £7,499 over a one to seven year period.
  • The loan can be applied for online only to those aged 18 or over.

Moneyfacts.co.uk analysis

By opening the eligibility of its personal loan to new customers, Yorkshire Bank now sit firmly within the top six lowest rates on offer. The loan also has the option to run for up to seven years. Consumers looking to consolidate their debts can apply online.

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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