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Money in a Minute

Money in a Minute

Category: Money

Updated: 26/01/2012
First Published: 26/01/2012

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 It is now over 6 months old so the content may be out of date.
Welcome to your weekly dose of the best new products to hit the personal finance market, Money in a Minute.

This week, we showcase two cracking mortgages, and a couple of great savings accounts.

As usual, we've broken the products down into technical details and unbiased analysis, so you know exactly what you're getting.

Mortgages

Norwich & Peterborough Building Society - Product details

  • Norwich & Peterborough Building Society has launched a new ten year fixed rate mortgage offering a rate of 3.99%.
  • The maximum loan-to-value is 75% and customers can borrow a minimum of £25,001.
  • A fee of £295 is payable.
  • A generous incentive package is included, offering all borrowers a free valuation, a £200 rebate for house purchase customers and free legal fees for those remortgaging.

Moneyfacts.co.uk analysis

Borrowers looking for a long-term mortgage deal will be pleasantly surprised with this latest deal from Norwich & Peterborough Building Society. Offering a competitive rate of 3.99%, this product also has the benefits of a small arrangement fee and a host of incentives for both purchase and remortgage customers.

Marsden Building Society - Product details

  • A new fixed rate mortgage has been launched by Marsden Building Society.
  • Offering a rate of 5.39% to 31.1.15, the product has a maximum loan-to-value of 90% and a minimum advance of £20,000.
  • An arrangement fee of £999 is payable.
  • A free valuation is offered to all borrowers, whilst a £250 rebate is offered to those looking to remortgage.

Moneyfacts.co.uk analysis

This new deal offers a decent rate of 5.39% to 31.1.15. Along with a reasonable fee and incentives for all borrowers, this product's appeal is boosted by the option to make overpayments of up to 5% of the mortgage advance.

Find the best mortgage rate - Compare best selling mortgages

Savings

Mansfield Building Society - Product details
  • Mansfield Building Society has launched a new issue of its Postal Premium account paying 2.85% including a bonus of 0.85% for twelve months.
  • Savers can invest between £1,000 and £400,000.
  • No advance notice is needed to access funds, although only four penalty-free withdrawals are permitted during the initial twelve months.
  • Any further withdrawals during this period will be subject to 30 days' loss of interest.
  • All withdrawals can be made notice and penalty free after the initial year.
  • The account is available to savers of all ages and can be operated by post only.

Moneyfacts.co.uk analysis

This latest account from Mansfield Building Society pays a market-leading rate of 2.85%. Although this is a no-notice account, savers must remember that there is a limit of four penalty-free withdrawals during the first year. If this is exceeded, savers will incur a 30 day loss of interest penalty.

BM Savings - Product details

  • BM Savings has amended the rate on its 2 Year Fixed Rate ISA by 0.20% to 3.60%.
  • A monthly interest option is also available at 3.54%.
  • Savers can invest a minimum of £500 and further additions can be made whilst the issue is open.
  • Early access is allowed, although this is subject to penalty as follows:
    • During year one, 180 days' loss of interest and
    • during year two, 90 days' loss of interest.
  • Transfers in are accepted.
  • The account is available to savers aged 16 and over and can be operated by post only.

Moneyfacts.co.uk analysis

Despite a reduction of 0.20%, the 2 Year Fixed Rate ISA continues to pay a highly competitive rate of 3.60%. Unlike many fixed rate products, this deal allows early access to funds, although investors must bear in mind that this is subject to penalty.

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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