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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 20/07/2012

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 It is now over 6 months old so the content may be out of date.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

AA 2 yr fixed rate bond
AA

  • AA has launched a new two-year fixed rate paying 3.80% annually to its range.
  • Savers looking at this account can invest from a little as £1 up to a maximum of £5 million.
  • Additional funds can be added whilst the issue remains open.
  • This is subject to penalty, depending on the outstanding term, as follows:
    • For one year or less, 90 days and between one and two year, 180 days.
    • The account is available to savers aged 18 and over and can be operated by post.

AA has broadened their fixed rate portfolio with the launch of this market leading 2 year postal bond. This deal should prove popular with savers as unlike many bonds, it does offer the flexibility for access to funds during the term subject to a penalty, and additional funds can be added whilst the issue remains open.

Nationwide 2 yr loyalty Bond
Nationwide Building Society

  • Nationwide Building Society has introduced a two-year fixed Loyalty Bond for existing customers only paying 3.80% annually or 3.70% monthly.
  • Savers can invest from £1 to a maximum investment of £5,000.
  • No further additions can be made but early closure is permitted at a loss of 180 days' interest.
  • The account is available to existing savers aged seven and over and can be operated in branch.

Nationwide Building Society is rewarding its existing customers of three months or more with the launch of a new loyalty bond. Paying 3.80% for a two-year term it is a market leader in its field. The highly competitive monthly option will appeal to those looking to supplement their income. Unlike many short to medium term bonds earlier closure is permitted, but it does incur a 180 days' interest penalty.

Mortgages

Coventry BS 2 yr mortgage
Coventry Building Society

  • Coventry Building Society has introduced a new two-year offset fixed rate deal priced at 3.39% to 30.9.14.
  • It is available to all borrower types, at 65% loan-to-value.

A fee of £199 is payable upfront, plus an additional £800 which can be added to the advance.

Customers will benefit from a good incentive package of free valuation (maximum £670) and free legal fees for those remortgaging. Borrowers will also have the flexibility to make lump sum or regular payments or reduce capital by up to a maximum of 5% of the outstanding balance (minimum £1,000). A payment holiday of three months every year is also available.

This two-year fixed rate of 3.39% at 65% is now in the top quartile at this loan-to-value. This product offers a reasonable fee of £999 and a decent incentive package of a free valuation for all borrowers and free legal fees for those wishing to remortgage. The ability to offset this mortgage to reduce overall costs will attract borrowers further.

Natwest Mortgage Services
NatWest Mortgage Services

  • NatWest Mortgage Services has revamped its mortgage range with the reduction of its five-year fixed rate at 90% loan-to-value by 1.70%.
  • Priced at 4.79% to 31.10.17 this package is available to first time buyers only, who borrow between £25,000 and £300,000.
  • No fee is payable and borrowers will have the flexibility to make overpayments subject to a maximum of 10% per year.

NatWest Mortgage Services has made a dramatic reduction to its five-year fixed rate for first time buyers, now priced at 4.79% to 31.10.17. This deal is now one of most competitive first time buyer deals in this sector. Customers can benefit from no arrangement fee, which will help those trying to keep initial set up costs down.

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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