Moneyfacts Weekly Product News – 11.03.21 | moneyfacts.co.uk

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Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 11/03/2021

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

Investec Bank plc – Online Flexi Saver

Investec Bank plc has re-launched its Online Flexi Saver, an easy access account, back onto the market this week. Paying a rate of 0.40%, the deal takes a place in our top rate tables when compared against other easy access accounts. Savers looking for some flexibility when it comes to their savings may then find this an attractive option due to its straightforward structure, unlike some of its peers that have restrictions on withdrawals. The account secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.40% gross / 0.40% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Ford Money – Fixed Saver 2 Year

Ford Money has removed its existing customer restriction and reduced rates on a selection of its Fixed Savers by up to 0.15% this week, but the two-year option remains competitive. Now paying 0.70%, the Fixed Saver 2 Year takes a spot in our top rate tables and may appeal to savers who are comfortable to tie their money up for the duration of the deal as earlier access is not permitted. However, unlike its peers, the bond has a smaller minimum investment of £500 and will allow further additions within the first 14 days of opening the account. The account secures an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.70% gross / 0.70% AER, payable monthly or on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £500
  • Maximum investment amount: £2,000,000
  • Access: Not permitted
  • Further additions: Permitted within 14 days of account opening
  • Opening account: Online or by phone
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Mortgages

West Brom Building Society – Two-year fixed rate mortgage, 85% loan-to-value

First-time buyers and second-time buyers searching for a mortgage with a 15% deposit or equity may be delighted to see new deals launched by West Brom Building Society this week. The two-year fixed rate at 85% loan-to-value is priced at 2.84% now carries a £250 cashback incentive to complement its free valuation incentive. Those prospective borrowers who are hoping to save on the upfront cost of their mortgage may then find this package attractive, plus, it does not charge a product fee. These changes have improved the deal overall and it earns an Outstanding Moneyfacts product rating in the process.

Key product details:

  • Rate: 2.84% fixed rate to 30.6.23
  • Product fee: None
  • Maximum loan-to-value: 85%
  • Available to: First-time buyers and second-time buyers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments.
  • Lending area: England and Wales.

Leeds Building Society – Three-year fixed rate mortgage, 75% loan-to-value

Leeds Building Society has launched some new fixed deals this week as well as re-pricing others in its range, which includes its three-year fixed rate deal at 75% loan-to-value. Following a reduction of 0.05% this is now priced at 1.60% to 31.5.24 and continues to offer borrowers an incentive package as well as a reasonable £999 fee which can be added to the advance of the mortgage. This rate cut only enhances the appeal of this package further and secures it an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.60% fixed rate to 31.5.24
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrowers
  • Incentives: Free valuation, and for those remortgaging help towards costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

Buy-to-Let Mortgages

Skipton Building Society – Five-year fixed rate mortgage, 60% loan-to-value

Skipton Building Society has made selected rate cuts to its range this week of up to 0.10%, including a cut to its five-year fixed rate deal at 60% loan-to-value. Now priced at 1.89% to 31.5.26, the deal carries an attractive incentive package of free valuation and for those looking to remortgage, free legal fees. While it may not have the lowest rate on the market, unlike its rivals it charges a more reasonable £995 fee which can be added to the mortgage advance. Overall, this product may appeal for borrowers looking for a competitive package and earns an Excellent Moneyfacts product rating in the process.

Key product details:

  • Rate: 1.89% fixed rate to 31.5.26
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: Free valuation, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Loans

Hitachi Personal Finance – Personal Loan

This week Hitachi Personal Finance has reduced the rate charged on its Personal Loan for those borrowing between £7,500 and £25,000 by 0.3%, to 3.2% APR. Since adjusting its tier advances, the lower interest rate has boosted its appeal to consumers who may be looking to borrow at this tier, but it is worth noting that lower rates can be found elsewhere for this borrowing amount. The product earns an Excellent Moneyfacts product rating in the process.

Key product details:

  • Representative APR: 3.2%
  • Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
  • Application available: Online or by phone
  • Other information: Minimum age 21, electronic signature accepted so that money can be in the account within 48 hours, you may be offered an alternative APR dependent on credit rating.
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.

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