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Money in a Minute

Money in a Minute

Category: Money

Updated: 10/03/2015
First Published: 28/02/2013

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 It is now over 6 months old so the content may be out of date.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

Virgin Money
Virgin Money

  • Virgin Money has increased the rate on its no-notice cash ISA now paying 2.15% yearly or a monthly option of 2.13%.
  • Savers can invest from as little as £1.
  • Early access to funds, additions and transfers in from another ISA are permitted with this account.
  • The account is available to savers aged 16 and over and can be operated via branch, post and internet.

The increase in rate to the Virgin Money Easy Access cash ISA sees this deal now paying 2.15% moving it into the top ten in its sector. The added benefit of no transaction restrictions and the availability of a monthly option will only enhance this account's appeal.

Natwest Fixed Rate ISA
NatWest

  • NatWest has reviewed its two-year fixed rate ISA now paying 2.25% to 22.4.15.
  • Savers can invest from £1,000.
  • Early access is permitted on closure of the account and subject to a penalty of 180 days' loss of interest.
  • Additions can be made for a limited period for both this and next year's allowances.
  • Transfers in from another ISA are also permitted with this account.
  • It must be noted that only 2.00% is paid until the term starts on 22.4.13.
  • The account is available to savers aged 16 and over and can be operated via branch, internet or telephone.

The two-year fixed rate ISA from NatWest pays a competitive 2.25% and is placed within the top ten for its sector.
Transfers in are accepted, so this account should prove very popular with investors. Savers need to bear in mind that they must deposit as much as possible in the selected time period given for both this and next year's allowances.

Mortgages

Cumberland Building Society

  • Cumberland Building Society has reviewed its three-year discounted variable rate now priced at 2.64% with a 1.85% discount.
  • This deal is available to all borrowers who borrow between £25,000 and £500,000 at 75% loan-to-value.
  • A fee of £495 is payable, all of which can be added to the advance of the mortgage.
  • An incentive package for remortgage customers of free valuation and free legal fees is available.
  • This deal also has the added flexibility of being able to make overpayments up to a maximum of 10%.

This revamped three-year discount mortgage priced at 2.64% from Cumberland Building Society is highly competitive. A low fee of £495 is payable and a great incentive package that helps reduce upfront costs is available. Overall this deal is a great all-round package and should prove a popular choice.

Norwich & Peterborough Building Society

  • Norwich & Peterborough Building Society has launched a new five-year fixed rate mortgage priced at 2.74%.
  • This deal is available to all customers who borrow from £25,001 at 60% loan-to-value.
  • A fee of £295 is payable, all of which can be added to the advance of the mortgage.
  • An incentive package is available of free valuation and remortgages customers will receive free legal fees.
  • Alternatively, first and second-time buyers will receive a £200 rebate.
  • This deal also has the added flexibility of being able to make overpayments up to a maximum of 10%, underpayments and take payment holidays.

This new deal from Norwich & Peterborough BS enters the top-ten in the 60% loan-to-value sector. The great incentive package and reasonable arrangement fee make this deal even more appealing by considerably reducing the upfront costs.

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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