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The best buy to let mortgage deals
Derin Clark

Derin Clark

Online Reporter
Published: 12/08/2020

With a volatile stock market and the temporary increase in the stamp duty threshold to £500,000, investing in property could be a more attractive option for investors looking to diversify their investment portfolio.

For those looking to expand their buy-to-let (BTL) portfolio or who are thinking about purchasing their first BTL property, we’ve rounded up some of the best* BTL mortgage deals currently available on the market.

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Your redundancy rights – what money are you entitled to if you’re made redundant?

Official employment figures released this week from the Office for National Statistics (ONS) revealed that between March and July, the number of people in employment fell by 730,000 and as the furlough scheme comes to an end in October 2020, many expect the rates of employment to fall further in the coming months.

Data released has also shown that those predominately impacted by redundancy since the Coronavirus pandemic have been young workers in their early to mid-20s and older workers aged 65 and over.

Saying this, redundancy can affect anyone at any stage of their life and, although being made redundant is an extremely challenging time for the majority of people, knowing what your financial rights are helps to make the situation a little bit easier.

This article, which is the first in a series of redundancy articles we are writing to help consumers facing redundancy, looks at what money those being made redundant are entitled to.

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Glimmer of hope for savers as banks increase one year bond rates

The race to the bottom of the savings chart after the Bank of England cut interest rates to 0.1% in March and launched a new Term Funding Scheme with additional incentives for SMEs (TFSME) seems to have temporarily halted, as several banks have increased rates over the last month.

Since the start of July, QIB (UK), Charter Savings Bank and United Trust Bank have all increased their one year fixed rate bonds more than once. In fact, both Charter Savings Bank and United Trust Bank have increased rates three times over the last month. Not only have these banks been increasing rates, but they all now sit within the top six best deals in the one year fixed rate bond chart.

QIB (UK) offers the best one year fixed bond rate overall, with its Raisin UK – 1 Year Fixed Term Deposit paying an expected profit rate of 1.20% gross on maturity. Secure Trust Bank offers the second-best one year fixed bond rate, with its 1 Year Fixed Rate Bond paying 1.16% gross yearly, while the third-best rate for a one year fixed bond comes from OakNorth Bank, which pays 1.11% on its Fixed Term Deposit. United Trust Bank pays the fourth-best rate on its UTB 1 Year Bond, which pays 1.10% gross on anniversary.

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Mortgage rates start to rise as number of deals cut by over half

In just five months, the number of mortgage deals available to consumers has more than halved, falling from 5,222 on 1 March to just 2,526.

As well as this, data due to be released in the Moneyfacts UK Mortgage Trends Treasury Report shows that in the four weeks between 1 July and 1 August, 202 mortgage deals disappeared from the market. This is despite the housing market picking up after the spring lockdown and being boosted by the Government’s rise of the stamp duty threshold.

 

Total number of mortgage deals available
1 March 2020 5,222
1 July 2020 2,728
1 August 2020 2,526

 

“The introduction of the stamp duty holiday and record low average rates following an enforced period of shutdown for the market has seen demand for mortgages escalate in recent weeks,” Eleanor Williams, finance expert at Moneyfacts.co.uk, explained. “However, product choice and availability remains a key issue for mortgage borrowers, with this month continuing the downward trajectory we saw between June and July; there were 2,526 live products as of the 1 August, a fall of 202 compared to last month, and 2,696 less than the number of products on offer at the start of March, meaning there is 48% less choice available to consumers as the industry continues to feel the impact of the Coronavirus pandemic.”

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Bonus offer helps to boost savings

From today, Raisin UK is changing how the bonus structure on its savings accounts works, which could result in savers earning up to £50 simply by opening a savings account.
Under the new bonus structure, savers depositing £75,000 and over can earn a £50 bonus, those depositing £40,000 - £74,999 can earn £25, a deposit of £10,000 - £39,999 can earn £10 and those depositing £5,000 - £9,999 can earn £5. There is no bonus offered on deposits of less than £5,000.

As well as this, Raisin UK is allowing a grace period for customers depositing between £5,000 - £9,999, who will be worse off with this new bonus structure. The automatic grace period allows anyone who funds their first savings account with the amount of £5,000 - £9,999 by the 31 August 2020 to receive a £10 bonus instead of the new bonus of £5.

Bonuses are offered to those opening their first Raisin UK account and the account must be opened via its website.

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The best savings rates this week 07.08.20

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The savings charts have remained fairly stable this week and savers looking for a fixed rate bond will be pleased to see that all of last week’s top rates have remained available in the charts

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Demand for cars returns, used car loans and new car registrations up on last year

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The best residential mortgage rates this week 07.08.20

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Although the stamp duty threshold increased to £500,000 last month has made it a very attractive time to move home – as our story Is now a good time to move home? highlights – there are several factors homeowners should consider before moving

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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

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Invest in property or a pension - which is best to boost your retirement?

6th August 2020

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google trends data.

The numbers of people searching for buy-to-let in the UK has seen an increase of more than 2.5 times from the end of March to mid-July, according to Google tren

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The best residential mortgage rates this week 07.08.20

7th August 2020

Although the stamp duty threshold increased to £500,000 last month has made it a very attractive time to move home – as our story Is now a good time to move home? highlights – there are several factors homeowners should consider before moving

Although the stamp duty threshold increased to £500,000 last month has made it a very attractive time to move home – as our story Is now a good time to move home? highlights – there are several factors homeowners should consider before moving

Read More
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First-time buyers see product choice fall by more than half in a month

13th July 2020

In the past month, first-time buyers with a 10% deposit or less will have seen the number of mortgage deals available to them fall by more than half

In the past month, first-time buyers with a 10% deposit or less will have seen the number of mortgage deals available to them fall by more than half

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

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