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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 28/05/2012

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 It is now over 6 months old so the content may be out of date.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

Furness Building Society

  • Furness Building Society has launched a new fixed rate mortgage at 3.69% to 31 July 2015.
  • The maximum loan-to-value is 70% and customers can borrow between £20,000 and £500,000.
  • A fee of £999 is payable and incentives of a free valuation (maximum £335), £150 towards legal fees in England , Scotland & Wales or free legal fees in England & Wales are offered to remortgage borrowers.
  • The deal offers customers the opportunity to make repayments of up to 10% of the mortgage advance.
This new two year fixed deal offers borrowers with deposits of 30% or more a decent rate of 3.69% to 31 July 2015. Whilst available to all borrowers, this product should certainly prove popular with remortgage customers due to a host of generous incentives designed to help keep costs down.

Nationwide Building Society

  • A reduction of rates across its fixed mortgage range has seen the two year product offering a new rate of 3.39%.
  • The product has a maximum loan-to-value of 60% and customers can borrow between £25,000 and £1 million.
  • A £999 fee (£499 for first time buyers) is payable and remortgage customers can benefit from the incentives of a free valuation and free legal fees.

Following a set of rate reductions, this new two year deal from Nationwide Building Society offers a decent rate of 3.39% to borrowers with deposits of 40% or more. Combined with a reasonable fee, this product should prove popular with both purchase and remortgage borrowers looking for a good short-term mortgage.

Savings

Post Office

  • Post Office has launched a new issue of its Online Saver with Issue 5 paying a competitive variable rate of 3.17% which is now the market-leading no notice account.
  • The rate includes a bonus of 1.52% for 12 months.
  • Savers can invest from £1 to £2 million.
  • The account is available to investors aged 18 and over and can be operated online only.

This latest issue of the Online Saver offers a market-leading rate of 3.17% in the no notice account sector. Savers will find the low deposit amount of £1 and the flexibility of accessing deposits attractive. The rate does include a bonus of 1.52% for 12 months, so savers would be wise to review the rate before it expires.

SAGA

  • SAGA has re-issued its Internet Saver account with new tiered rates.
  • The new deal pays 2.60% with a bonus of 2.10% for twelve months to savers with deposits between £1 and £19,999 and 3.05% including a bonus of 2.55% for investments between £20,000 and £1 million.
  • No advance notice is needed to access funds, although all withdrawals must be made via a nominated account.
  • The account is available to savers aged 50 and over and can be operated online only.

A revised issue of its Internet Saver account sees SAGA sitting comfortably amongst the market-leaders in the Over 50s savings market. As well as a competitive rate, savers will be pleased to see that they can access funds without advance notice or 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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