Combined title will show here

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

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 It is now over 6 months old so the content may be out of date.

Eleanor Williams

Finance Expert & Press Officer
Published: 04/02/2021

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

Savings

Furness Building Society – 1 Year Regular Saver Issue 4

Furness Building Society has launched a new one-year fixed term regular saver account this week, which pays a rate of 1.00% on anniversary, seeing this account secure a position within the top rate tables when compared against other regular savings products currently in the market. With a minimum monthly deposit amount of just £1 and maximum of £250, this could suit those who are hoping to kickstart a savings habit with a small proportion of their monthly income. Investors should note that the balance would be transferred to an access account (with relevant interest paid) should a payment be missed or if more than one withdrawal is made, therefore careful planning is advised. The account secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.00% gross / 1.00% AER, payable on anniversary
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £3,000
  • Access: Two withdrawals permitted per year including closure
  • Further additions:12 required per annum, up to a maximum of £250 per month
  • Opening account: By post or in branch
  • Managing account: By post and in branch
  • Other information: Minimum applicant age 16.

 

Mortgages

Metro Bank – Five-year fixed rate mortgage, 90% loan-to-value

This week, Metro Bank has made rate reductions across its 85% and 90% loan-to-value deals of 0.20%. The five-year fixed rate deal for those looking to borrow at 90% has dropped to 3.39% – one of the lowest rates now available in this sector of the market for those with the required 10% deposit or equity. Potential borrowers should be aware that there is a fee of £999, which needs to be paid upfront, and while there are also no further incentives on offer with this particular deal, this option still sits only marginally behind the market leader in this sector when assessed on a combination of rate and features. It therefore overall receives an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 3.39% fixed rate for five years
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: All borrowers
  • Incentives: None
  • Flexible features: Allows overpayments
  • Lending area: England, Wales and specified postcodes in Scotland.

 

Santander – Five-year fixed rate mortgage, 60% loan-to-value

Among various updates to its range, those looking to purchase a property and who have the required 40% deposit may be pleased to note that the five-year fixed rate at 60% loan-to-value offered by Santander has seen a rate reduction this week. Dropping by 0.07% to 1.34% to 2.5.26, this product improves on its position – which is now only marginally behind the market leader. Furthermore, those hoping to keep costs for setting up a new mortgage to a minimum should note that the fee of £999 can be added to the advance, or paid upfront, and there is also an incentive available of a free valuation. This combination of features secures this product an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 1.34% fixed rate to 2.5.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.
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. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Cookies

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

I accept. Read our Cookie Policy