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Money Masterclass

Money Masterclass

Category: Money

Updated: 22/09/2011
First Published: 31/03/2011

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 It is now over 6 months old so the content may be out of date.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 this week's Money Masterclass where Moneyfacts.co.uk keeps you up-to-date with the latest product changes in the savings and mortgage worlds.

Today we have a couple of short terms savings accounts and two mortgages that offer eye-catching rates to potential homeowners.

As usual, we have broken the products down into technical details and unbiased analysis, so you can judge whether the account or mortgage is the one for you.

Savings

Saffron Building Society - Product Details

  • Saffron Building Society has launched a new range of fixed rate products.
  • Its latest 4 Year Fixed Rate Bond pays a competitive annual rate of 4.50%.
  • Investments range between £500 and £1m.
  • Further additions are not permitted.
  • Early access is allowed on account closure, subject to 240 days' loss of interest.
  • The account can be operated in branch and by post by savers of all ages, although parents must act as signatories for savers aged 7 and under.
Moneyfacts.co.uk analysis
The latest fixed rate bond review from Saffron Building Society sees the range offering some competitive deals, including the four year deal at 4.50%, a market leader in its field. As with most long term fixed rate bonds, investors must be sure they can commit to locking cash away for the duration of the term.

Lloyds TSB - Product details

  • The Two Year Fixed Rate Cash ISA deal has increased by 0.45% to 3.60%.
  • Savers can invest a minimum of £3,000 and further additions are allowed whilst the issue remains open.
  • Funds can be accessed early, although this is subject to a 160 day loss of interest.
  • Transfers in are accepted.
  • The account is available to savers aged 16 and over and can be operated in branch, by telephone or online.
Moneyfacts.co.uk analysis
A 0.45% rate increase to the two year fixed rate ISA has helped to boost its position within the highly competitive fixed rate ISA market. Paying 3.60%, the deal sits just below the current two year fixed market leader, and should please investors looking for a fixed rate with a degree of flexibility on withdrawals.

Find the best savings rates for you - Compare savings accounts

Mortgages

Skipton Building Society - Product details

  • Skipton Building Society has reviewed selected fixed rate deals, with a new two year deal at 6.19% to 30.4.13.
  • The maximum loan-to-value is 90%.
  • Second-time and remortgage customers can borrow up to £1m, while first-time buyers can borrow up to £250,000.
  • A fee of £195 is payable.
  • Remortgage borrowers can enjoy incentives of a free valuation and free legal fees and flexible features such as overpayments and payment holidays are available to all borrowers.
Moneyfacts.co.uk analysis
Following its product review last week, Skipton Building Society has launched another selection of new fixed rate deals. The latest two year deal offers a rate of 6.19% and a maximum loan-to-value of 90%, which will please borrowers with limited deposits. The low arrangement fee of £195 should also help to keep initial set-up costs to a minimum.

ING Direct - Product details

  • ING Direct has increased the rate on its two year fixed deal to 3.94% to 30.6.13.
  • The maximum loan-to-value remains at 80% with borrowing limits between £50,000 and £1m.
  • A fee of £945 is payable.
  • Remortgage customers can take advantage of a free valuation and free legal fees.
  • All borrowers have the option to make overpayments up to 10% of the mortgage advance.

Moneyfacts.co.uk analysis
Despite an increase of 0.05%, this product still offers a competitive rate of 3.94% to 30.6.13. The deal allows customers to borrow up to 80% of the property value and charges a reasonably low arrangement fee of £945. Generous incentives for remortgage customers also boost this product's appeal.

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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