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Money in a Minute

Money in a Minute

Category: Money

Updated: 22/03/2013
First Published: 22/03/2013

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 It is now over 6 months old so the content may be out of date.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

Nationwide Building Society

  • Nationwide Building Society has increased its two-year fixed rate ISA to 2.50% yearly, with a monthly option of 2.45% also available.
  • Savers can invest from as little as £1.
  • No additions are permitted; however, early access to funds is allowed on closure of the account, subject to 180 days' loss of interest.
  • Transfers in from another cash ISA are also permitted.
  • This account is available to savers aged 16 and over and can be operated in branch only.

The increase of the two-year fixed cash ISA option to 2.50% boosts its competitiveness and its position within the top ten in its sector. Accepting transfers in, it should prove a popular choice with investors and those looking to supplement their income.

Aldermore

  • Aldermore increased its one-year fixed rate bond to 2.25% on maturity or a monthly option paying 2.23%.
  • Savers can invest from £1,000 up to a maximum of £1 million.
  • No early access or additions are permitted with this account.
  • This deal is available to savers aged 18 and over and can be operated by telephone, post and internet.

This one-year fixed rate paying 2.25% from Aldermore now sits as the market leader in its sector. This deal should be a popular choice for those looking for a straightforward short-term fixed rate. Those who opt for this deal will have the flexibility of a monthly option at a slightly reduced rate to supplement their income.

Mortgages

Coventry Building Society

  • Coventry Building Society has launched a new two-year fixed rate priced at 2.49% to 30.6.15.
  • This deal is available to all borrowers who borrow at 75% loan-to-value.
  • A fee of £999 is payable, of which £800 can be added to the advance of the mortgage.
  • An incentive package of free valuation up to a maximum of £670 and free legal fees for remortgage customers is available.
  • This deal also has the added flexibility of being able to make overpayments up to a maximum of 10% of the outstanding balance.

This launch from Coventry Building Society will no doubt excite potential borrowers. With a rate of 2.49%, this deal sits comfortably in the top ten in its sector on rate alone. With the added combination of a reasonable fee and a great incentive package of free valuation up to a maximum of £670 and free legal fees for remortgage customers, this product should appeal to those looking to keep initial costs to a minimum.

Marsden Building Society

  • Marsden Building Society has launched a new two-year discounted variable rate to its range priced at 3.89% (2.06% discount) to 31.7.15.
  • This deal is available to all borrowers who borrow from £20,000 at 90% loan-to-value.
  • A fee of £1,098 is payable of which £799 can be added to the advance of the mortgage.
  • An incentive package of free valuation for properties valued up to a maximum of £500,000 and £250 rebate for those remortgaging is available.
  • This deal also has the added flexibility of being able to make overpayments up to a maximum of 5% of the mortgage advance, take payment holidays and make underpayments.

The 3.89% discounted variable rate from Marsden Building Society is highly competitive and sits just shy of the market leader. A variety of great incentives available and a reasonable fee will make this deal a popular choice.

What Next?

Find the best savings rates for you - Compare savings accounts

Find the best mortgage rate - Compare the best mortgage

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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