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Money in a Minute

Money in a Minute

Category: Money

Updated: 23/08/2012
First Published: 23/08/2012

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 It is now over 6 months old so the content may be out of date.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

Close Brothers Savings

  • Close Brothers Savings has reviewed its one-year Select Gold Fixed Rate Account, now paying 3.35% on maturity.
  • Savers must invest a minimum of £10,000 up to a maximum of £2 million.
  • Early access and further additions are not permitted.
  • This account is available to investors aged 18 and over and can be operated via post and telephone.

This review by Close Brothers Savings sees the Select Gold Fixed Rate Account now paying 3.35%.This rate is highly competitive and continues to hold a position within the top ten in the short-term market. As with many fixed rate bonds, no earlier access to funds is permitted.

Post Office

  • Post Office has amended its one-year fixed rate ISA now paying 3.10% on maturity.
  • Savers can invest from £500.
  • Earlier access is permitted on closure, subject to a 90 days' loss of interest penalty.
  • No further additions are allowed; however, transfers in are accepted.
  • This account is available to savers aged 16 and over and can be operated via post and telephone.

This fixed rate ISA review from the Post Office sees the one-year option now paying 3.10%. This rate sits comfortably in the top ten of its sector and should continue to be popular. Unlike many short-term fixed products, earlier closure is allowed but this is subject to an interest penalty.

Mortgages

Manchester Building Society

  • Manchester Building Society has launched a new fixed rate mortgage at 5.24%, which borrowers can choose to fix at for any term between 10 and 25 years.
  • This deal is available to all borrowers who borrow a minimum of £30,000 at 80% loan-to-value.
  • A fee of £995 is payable and borrowers will have the added flexibility of being able to make overpayments of up to 10% of the outstanding balance per year.

Manchester Building Society has added a new fixed rate of 5.24% to its range. The product is unique to the market as this rate may be fixed by the borrower for any term between 10 and 25 years. While long term, this deal only has a seven-year redemption tie-in so should prove popular with borrowers wanting peace of mind.

Newcastle Building Society

  • Newcastle Building Society has revamped its range with the launch of the five-year fixed rate mortgage at 5.99% to 31.10.17.
  • This package is available to all borrowers who borrow a minimum of £10,000 at 95% loan-to-value.
  • A fee of £690 is payable of which £195 is payable upfront.
  • This deal comes with the added flexibility of being able to make lump sum or regular payments up to a maximum of £499 every month.

Newcastle Building Society has added a new five-year fixed rate mortgage priced at 5.99% to 31.10.17. This product is aimed at borrowers with a small deposit of 5% and is highly competitive in a limited sector of the market. The low fee of just £690 should appeal to those looking to keep initial costs down.

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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