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Money in a Minute

Money in a Minute

Category: Money

Updated: 23/03/2012
First Published: 23/03/2012

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 It is now over 6 months old so the content may be out of date.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

Mortgages

HSBC

Product details
HSBC has launched a new variable tracker product, available via direct business, offering a rate of 2.69% for term (BBR + 2.19%). The maximum loan-to-value is 60% and customers can borrow a maximum of £500,000. All borrowers are offered the incentive of a free valuation and remortgage borrowers can take advantage of free legal fees. There is also the option to make overpayments.

Moneyfacts.co.uk analysis
This new tracker rate from HSBC is a market-leader in the variable for term market. The combination of a low rate, generous incentives for both purchase and remortgage customers and no arrangement fee should please borrowers looking for a competitive variable mortgage deal.

Yorkshire Building Society

Product details

Yorkshire Building Society has re-priced selected mortgage products, including its two year fixed rate at 2.94% to 30.6.14. The maximum loan-to-value is 75% and customers can borrow between £25,001 and £5 million. A fee of £495 is payable. Remortgage borrowers are offered free legal fees, purchase customers will receive a £250 rebate and all borrowers will benefit from a free valuation.

Moneyfacts.co.uk analysis

Despite an increase to its rate, this two year fixed deal still offers a competitive mortgage package for borrowers with a deposit of 25% or more. As well as a competitive rate, low arrangement fee and appealing incentives, this product's overall appeal is heightened by flexible features including overpayments, underpayments and payment holiday.

Find the best mortgage rate - Compare best selling mortgages

Savings

West Brom Building Society

Product details

The new WeBSave Easy Access 4 account pays a market-leading rate of 3.16% including a bonus of 1.41% until 30.4.13. A monthly interest option is available at 3.12% with a 1.38% bonus until 30.4.13. Savers can invest between £10,000 and £100,000 and access funds notice and penalty-free up to four times a year. If more than four withdrawals are made within a year, a 90 days' loss of interest penalty will apply. The account can be operated by investors aged 16 and over online only.

Moneyfacts.co.uk analysis
This online only account has stormed to the top of the easy access savings market, with a highly competitive rate of 3.16% for savers looking to invest a minimum of £10,000. Savers must be mindful that the introductory bonus of 1.41% (1.38% for monthly interest) will expire on 30th April next year.

Principality Building Society

Product details

Principality Building Society has launched Issue 3 of its variable e-ISA, which now pays 3.10%, including an introductory bonus of 1.30% for 12 months. Savers can invest a minimum of £1 and further additions can be made via a nominated account. Transfers in are accepted. The account can be operated by savers aged 16 and over online only.

Moneyfacts.co.uk analysis

With ISA season in full swing, this latest offering paying a decent rate of 3.10% is now one of the top five cash ISAs on the market. Savers looking to transfer their existing ISA will find this deal particularly attractive as it's one of the very few top rates that allows this option and in addition permits withdrawals without penalty. Customers would be wise to review the rate before the introductory bonus expires.

Find the best savings rates for you - Compare savings accounts

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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