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Moneyfacts Weekly Product News - 18/05/2017

Moneyfacts Weekly Product News - 18/05/2017

Category: Articles
Date: 18/05/2017

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Savings

Paragon Bank

Paragon Bank has increased the rate on its five-year fixed rate cash ISA, which now pays 1.80% upon its anniversary or 1.79% monthly. Savers can invest from £500 up to a maximum of £100,000. Additions are permitted for up to 15 days after account opening, and early access is also allowed, subject to a 365 days' loss of interest penalty. Transfers in from cash and stocks & shares ISAs are permitted. This deal is for savers aged 18 and over and must be operated online.

Savers looking for a long-term home for their ISA will be intrigued by this latest offering from Paragon Bank. Paying 1.80%, this deal cements its position at the top of the Moneyfacts.co.uk Best Buys. With the added bonus of early access to funds albeit with a penalty this is likely to be a popular choice for investors.


Mortgages

Leeds Building Society

Leeds Building Society has reduced the rate on its three-year fixed rate mortgage, which is now priced at 2.04% to 30.6.20. This deal is for all borrowers who wish to borrow up to £500,000 at 80% loan-to-value. No fee is payable and an incentive package of a free valuation (up to £999) for all borrowers and help towards legal costs for those remortgaging is available. This deal allows overpayments of up to 10% of the outstanding balance.

The 2.04% three-year fixed rate deal from Leeds Building Society is highly competitive and heads straight into the Moneyfacts.co.uk Best Buys. With the added bonus of no fee and an attractive incentive package, this is likely to be a great choice for those wishing to keep initial costs down.

Leeds Building Society's lending area includes Scotland.

Sainsbury's Bank

Sainsbury's Bank has launched a new two-year fixed rate mortgage, priced at 1.14% to 31.7.19. This deal is for all applicants who wish to borrow from £40,000 at 60% loan-to-value. A fee of £995 is payable, all of which can be added to the advance of the mortgage. An incentive package of free valuation for all borrowers and free legal fees for remortgage customers is available. This deal allows overpayments of up to 10% of the outstanding balance. Successful mortgage applicants will also be eligible to receive 5% of grocery bills back in vouchers for two years.

Borrowers with the required deposit of 40% will be delighted by this latest launch from Sainsbury's Bank. Priced at 1.14%, this deal is highly competitive in its sector. Coupled with this great rate is a decent incentive package and the added bonus of 5% of grocery bills back, which will no doubt add to the deal's appeal.

Sainsbury's Bank's lending area includes Scotland.

Credit Cards

Sainsbury's Bank

Halifax has increased the interest-free balance transfer term on its low fee balance transfer credit card MasterCard. This deal now offers 33 months' interest-free for balance transfers, for which an introductory balance transfer fee of 0.59% is payable. Purchases will be charged at 18.9% APR. To be eligible for this deal, customers must be 18 or over and can apply by post or online.

This deal from Halifax will appeal to those with a large debt to move, especially thanks to its competitively low fee. With a generous interest-free balance transfer term of 33 months, this is a great combination for anyone looking to tackle their debts. As always, the balance must be paid off in full to ensure no interest is charged.

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.

 

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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