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Last six weeks for business interruption loans
Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 14/08/2020

The Coronavirus Business Interruption Loan Scheme (CBILS) comes to an end on 31 September 2020. After this date, businesses affected by the Coronavirus pandemic will no longer be able to access these loans.
Small businesses have already secured £51bn in Government-backed business interruption loans, money used to support weakened cashflows as a result of the Coronavirus pandemic.
Businesses still have time to apply for a Bounce Back Loan or CBILS and can do this directly through one of the lenders registered with the British Business Bank or through a specialist CBILS broker.

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The best savings rates this week 14.08.20

Although the savings market remains challenging and highly competitive rates remain elusive, there is some hope for savers, as some providers have started to increase rates and launch chart-topping rate this week. In the fixed rate bond chart, savers looking to get the best rate will have to look at depositing funds into a challenger bank, while National Savings & Investments (NS&I) continues to top the easy access chart this week.

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The best residential mortgage rates this week 14.08.20

Mortgage borrowers will be pleased to see that mortgage rates in the remortgage and moving home charts remained competitively low this week. Saying this, there is some indication that rates on lower loan-to-value (LTV) deals may start to rise, so borrowers should act quickly to secure the best deal possible.

When considering which mortgage deal is best, borrowers should take into consideration a number of factors and not just the rate, as this will reflect the true cost of the deal. For example, factors like product fee, incentives and flexible features should be included in the decision-making process. Those uncertain of which deal is best should consider speaking to a mortgage broker.

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New chart-topping long-term ISAs launched

Coventry Building Society has launched chart-topping four and five year fixed rate ISAs today.

Its new five year ISA –Fixed Rate ISA (117) 30.11.2025 – pays 1.25% gross yearly and its Fixed Rate ISA (116) 30.11.24 pays 1.15% gross yearly. Both these ISAs require just a £1 minimum deposit to open and accept transfers in. These ISAs can be both opened and managed online, by phone and by post.

As well as now having the best rates in the five and four year fixed rate ISA charts, Coventry Building Society also continues to offer the best one year fixed ISA rate. Its Fixed Rate ISA (114) 30.11.21 pays 0.77% gross yearly. This ISA has the same terms and conditions as the four and five-year options.

Commenting on the launch of these ISAs, Ian Biggs, head of product performance at Coventry Building Society, said: “Fixed rates offer savers some certainty in these uncertain times so we expect these new products will be very popular. Many people will be looking for a top interest rate and the peace of mind that a fixed rate provides, and, as a mutual, we want to offer the best rates we can afford. We now have a range of ISAs for savers looking to fix their returns for one, two, three, four or five years, all at rates that are among the very best available.

“We’ve made it as straightforward as possible for people to open these accounts and to transfer any other ISAs they may have. It can all be done online, over the phone, by post or in branch.”

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What are the best ISA investment funds in August 2020?

At the start of August, investment in equities of companies involved in the mining and gold-related industries dominated the top-performing ISA investment unit trusts over the short-term (12 months), with only one of the top five investing in equities. Over the same period, the best-performing ISA investment trusts consisted of those investing in equities and securities, with the top two funds focussing on Asia-Pacific (excluding Japan). Investment focussed in European companies and assets only featured once in the short-term top five performing investment trusts.
The flight to funds focussing on investments in the mining and gold/precious metals industries started in April 2020 in response to the Covid-19 pandemic and has seen most funds grow up to 1 August 2020. However, prior to April 2020, those funds investing in gold listed in our current top five best unit trust performers over 12 months all had negative growth. Investors will need to keep an eye on whether returns from gold will reach a peak, as results published this week by Interactive Investor have seen the returns on these funds start to drop.
Funds investing in technology firms feature in the top five performers over five years across both types of investment fund.
We summarise below the top five performing ISA investment funds for a £1,000 investment over the past 12 months and five years.

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Recent News

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The best ISA rates this week 13.08.20

13th August 2020

Those looking for a short-term fixed rate ISA will be pleased to see that a slightly higher one year fixed ISA rate was available in the chart this week

Those looking for a short-term fixed rate ISA will be pleased to see that a slightly higher one year fixed ISA rate was available in the chart this week

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Moneyfacts Weekly Product News – 13.08.2020

13th August 2020

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market this week. The deals are available right now, but may be subject to change. Find the best product for you

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HSBC cuts rates on 60% LTV mortgage deals

13th August 2020

Today HSBC has cut the rates on its two and five year fixed rate mortgage deals at 60% loan-to-value (LTV)

Today HSBC has cut the rates on its two and five year fixed rate mortgage deals at 60% loan-to-value (LTV)

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The best buy to let mortgage deals

12th August 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

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

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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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HSBC cuts rates on 60% LTV mortgage deals

13th August 2020

Today HSBC has cut the rates on its two and five year fixed rate mortgage deals at 60% loan-to-value (LTV)

Today HSBC has cut the rates on its two and five year fixed rate mortgage deals at 60% loan-to-value (LTV)

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

11th August 2020

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

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

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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

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