Keep up to date with the latest finance news | moneyfacts.co.uk
news icon

News

news icon
The best residential mortgage rates this week 18.09.20
Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 18/09/2020


Lenders continued to increase rates and withdraw mortgage products this week. Newcastle Building Society, West Brom Building Society, the Post Office, Coventry Building Society and Marsden Building Society all withdrew mortgage products this week. While Leek Building Society, Santander, Coventry Building Society, Principality Building Society, HSBC, Skipton Building Society and Nottinghamshire Building Society increased rates on selected mortgages. Only the Halifax, Stafford Railway Building Society and Leek Building Society introduced new mortgage products this week.


First-time buyers at 90% LTV and above now have very limited choices for a mortgage. Nationally Nationwide Building Society and Virgin Money still have 90% LTV mortgages available but there are conditions to these. First time buyers that cannot meet these will find they need a family member willing to offer their assets as security or face the post code lottery of local building societies that have restricted first-time lending to their localities only.

We have set out below the best mortgage rates for those wanting to remortgage, move home and for first-time buyers. We list the best mortgage deals available directly from the lender that are available across Great Britain. All the rates shown are for those mortgages available at 60% LTV unless otherwise stated.

Read More
news icon
The best savings rates this week 18.09.20

After a slow 2020, the savings market is moving again with new rates appearing almost on a daily basis this week. While new top rates have been entering the charts, many have reached their maximum deposits within a short time and, as a result, are being withdrawn by providers from the market within days. For example, on Tuesday, Skipton Building Society increased the rate on its easy access savings account, resulting in it paying a chart-topping rate of 1.20%, but this was withdrawn yesterday having already reached its maximum deposits.

As saving rates are changing on a daily basis, although all rates below were accurate at the time of publishing, savers would be recommended to check our savings charts regularly to see what rates are currently available.

Read More
news icon
NS&I plans end to Premium Bond prize cheques

National Savings and Investments (NS&I) has announced plans to phase out its paper prize cheques to Premium Bond winners from December 2020 in a move that will eventually see all prize payments made directly into winner’s bank accounts.

The phasing out of paper prize cheques will last until March 2021and according to NS&I, this switch will result in “a quicker, easier and more secure way for customers to receive prizes”.
Since 2011, Premium Bond customers could choose to have prizes paid directly into their bank accounts and in the September 2020 draw 74% of winners had their prizes paid into their accounts rather than opting for a postal cheque.

Read More
news icon
The best ISA rates this week 17.09.20

ISA savers looking for a short-term fixed rate ISA will be pleased to see new higher rates topping the one and two year fixed rate ISA charts this week. In addition to this, competition towards the top of the easy access ISA chart has improved this week, with more providers offering the third top rate of 0.90%.

It should be noted that the rates below are the best rates available at 12pm on Thursday 17 September 2020 and, although correct at the time of publishing, they may not be available after this time.

Read More
news icon
Is now a good time to remortgage your equity release?

Over the past four years the average equity release has fallen by 1.14% so that it is now on average cheaper to take out an equity release than it was in 2016. While this is good news for those currently considering releasing equity from their home, for those who took out an equity release plan some years ago it may be disappointing reading. Fortunately, there is the possibility of remortgaging equity release, which could result in a lower, cheaper rate. Below we take a look at whether now is a good time to remortgage your equity release.

Since 2016 the average equity release rate has fallen from 5.35% to stand at 4.21% today. As the below table shows, average equity release rates have been falling consistently year-on-year over the past four years. In addition to this, as we reported earlier this week, research from Key Partnership found that competition within the equity release market is increasing and this year has seen a new equity release product being launched every 28 hours.

 

Average equity release rates
  September 2016 September 2017 September 2018 September 2019 September 2020
Lifetime equity release combined (fixed and variable) 5.35% 5.22% 5.10% 4.89% 4.21%

 

The fall in rates combined with the increase in equity release competition means that those looking to remortgage equity release now are likely to get a better deal than if they did so just a few years ago. This could also mean that, depending on the rate of their initial equity release, they could be able to get a remortgage equity release deal that results in paying a lower rate. Additionally, with new products entering the market offering enhanced product features, those with an equity release could find that there are now more options that suit their personal circumstances than when they initially took out equity release.

Saying this, there are many factors to consider, and costs to be included, when looking to remortgage an equity release. For example, those with an equity release deal could find that they have to pay a significant amount of money to exit their existing deal and remortgage with a new equity release – the cost of this could outweigh the lower rates being offered on the new equity release deal.

Despite the numerous benefits equity release can offer it is important that independent financial advice is sought to ensure the costs and implications are understood fully. In addition to this, speaking to an equity release adviser may be a good option to help those looking to remortgage equity release to find the right deal for their circumstances.

Read More

Recent News

news icon
Moneyfacts Weekly Product News – 17.09.2020

17th September 2020

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. All the deals highlighted are available now but are subject to change

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. All the deals highlighted are available now but are subject to change

Read More
news icon
How to prepare your finances in case of redundancy

17th September 2020

With the Government’s furlough scheme set to end on 31 October 2020, it is predicted that thousands of people are facing redundancy over the coming months

With the Government’s furlough scheme set to end on 31 October 2020, it is predicted that thousands of people are facing redundancy over the coming months

Read More
news icon
Are children’s savings accounts the best option when saving for a child’s future?

16th September 2020

With rates as high as 3.00%, children’s savings accounts offer some of the most competitive savings rates in the charts

With rates as high as 3.00%, children’s savings accounts offer some of the most competitive savings rates in the charts

Read More
news icon
Inflation rate falls to 0.2% - what are the best inflation beating savings accounts?

16th September 2020

The latest Consumer Price Index (CPI) figures show that during August inflation fell to a five-year low of 0.2%, which will be welcome news to many savers especially as savings rates are starting to rise

The latest Consumer Price Index (CPI) figures show that during August inflation fell to a five-year low of 0.2%, which will be welcome news to many savers especially as savings rates are starting to rise

Read More

Search News

(showing 1 to 4 of 2126) (showing 1 to 3 of 2126) (showing 1 to 2 of 2126)

Most Popular News

news icon
Mortgage rates continue to rise: here are the most competitive rates available today

14th September 2020

Homeowners looking to lock into a fixed rate mortgage deal are being urged to act quickly as the rates on fixed deals have risen sharply in the last month

Homeowners looking to lock into a fixed rate mortgage deal are being urged to act quickly as the rates on fixed deals have risen sharply in the last month

Read More
news icon
The best residential mortgage rates this week 11.09.20

11th September 2020

Mortgage rates saw some further changes this week as some lenders pulled or increased their rates. Leeds Building Society increased their mortgage rates this week and Platform, a part of the Co-operative Bank withdrew some of their fixed rate mortgages.

Mortgage rates saw some further changes this week as some lenders pulled or increased their rates. Leeds Building Society increased their mortgage rates this we

Read More
news icon
How to fast track your mortgage application post Covid-19 lockdown

4th August 2020

The housing market is experiencing a mini-boom as a result of pent-up demand post-lockdown and the new stamp duty payment holiday. Rightmove reported a 75% increase of buyer enquiries in July 2020 compared to July 2019 and 44% of sellers that listed from 13 May 2020 have now been marked as sale agreed.

The housing market is experiencing a mini-boom as a result of pent-up demand post-lockdown and the new stamp duty payment holiday. Rightmove reported a 75% incr

Read More
news icon
Two and five year mortgage rates hit historic lows

11th May 2020

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

Read More

Our Team of Specialists

Michelle Monck
Consumer Finance Expert
Derin Clark
Online Reporter
nigel woollsey
Online Writer
Rachel Thrussell
Savings Analytics Manager
Darren Cook
Mortgage Analytics Manager
Rachel Springall
Finance Expert & Press Officer
Sarah Brooks
Sub-Editor

More Money News

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Please send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy