Moneyfacts Weekly Product News 20 05 21 | moneyfacts.co.uk

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Eleanor Williams

Finance Expert & Press Officer
Published: 20/05/2021

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

Allica Bank – 95-Day Notice Personal Savings Account (Issue 1)

Allica Bank has re-launched its 95-Day Notice Personal Savings account this week. Paying a rate of 0.65% this account offers one of the top rates currently available in its sector and may tempt savers who are looking to earn a competitive return on their savings and who are happy to give advance notice to be able to access their funds. Withdrawals are permitted subject to 95 days’ notice being provided, but investors need to be aware that early access is not allowed. On assessment this account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.65% gross / 0.65% AER payable on anniversary
  • Notice / term: 95 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Permitted, subject to 95 days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: By phone
  • Other information: Minimum applicant age 18.

 

PCF Bank – 1 Year Term Deposit Issue 38

This week, PCF Bank has increased the rate payable on its 1 Year Term Deposit account by 0.17%. Now paying 0.79% on anniversary, this increase secures the account a position in the top 10 when compared to other bonds with similar terms currently available. As might be expected in the fixed market, neither early access nor further additions are permitted on this account, so savers need to be confident they are happy to secure their savings pot away from the outset. Overall, the account earns an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 0.79% gross / 0.79% AER payable on anniversary
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Nationwide Building Society – Two-year fixed rate mortgage, 95% loan-to-value

Nationwide has launched new 95% loan-to-value products this week, providing more choice for borrowers with smaller deposits. Of these new deals, the two-year fixed fee-free deal is priced at 3.84%. Although products with slightly lower initial rates are offered in this sector of the market, the lack of a fee combined with a generous incentive package of a free valuation and also £500 cashback mean that this may well be a tempting option, particularly for borrowers who are hoping to keep any costs associated with taking on their new mortgage to a minimum. The combination of rate and features ensures this deal receives an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 3.84% fixed rate for two years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: First-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments. Underpayments considered, subject to approval and overpayments having been previously made
  • Lending area: Great Britain and Northern Ireland, excluding Scilly Isles.

 

Leek United Building Society – Five-year fixed rate mortgage, 85% loan-to-value

In its refresh of its mortgage range this week, Leek United Building Society has made a reduction of 0.21% to its five-year fixed rate at 85% loan-to-value. Now priced at 2.69% to 30.9.26, this option is available to both those purchasing or remortgaging. Those with the required 15% deposit or equity and who would like to keep any outlay for setting up a new mortgage as low as possible may be pleased to see that there is a reasonable fee of £995 which can be added to the mortgage advance. The deal also offers a generous incentive package of a free valuation and £400 cashback, which earns the deal an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 2.69% fixed rate to 30.9.26
  • Product fee: £995
  • Maximum loan-to-value: 85%
  • Available to: All borrowers
  • Incentives: Free valuation and £400 cashback
  • Flexible features: Allows overpayments
  • Lending area: England and Wales

 

Santander – Two-year fixed rate mortgage, 75% loan-to-value

Santander has made various updates to its range this week, including applying rate reductions of up to 0.20% on selected fixed rate deals. One notable product to see an update is a five-year fixed rate available to remortgage customers with 25% equity. Following a cut of 0.03% this is now priced at 1.54% to 2.9.26. Products in this sector of the market can be found with a slightly lower initial rate, however, those deals carry larger fees than the reasonable £999 associated with this deal and there is the option to either pay this upfront or add it to the advance. Additionally, borrowers can also benefit from a generous incentive package of a free valuation and £250 cashback, which may be tempting to those hoping to keep any set-up costs on a remortgage to a minimum. Overall, this deal receives an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.54% fixed rate to 2.9.26
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: Remortgage customers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

Accord Mortgages – Three-year fixed rate mortgage, 75% loan-to-value

Accord Mortgages has refreshed its buy-to-let range this week. One particular new deal which may be of interest to landlords with either 25% deposit or equity available is the 1.94% fixed rate to 31.10.24 which is available via selected intermediaries. While this is priced very slightly above the lowest initial rate currently offered in this sector of the market, borrowers may be pleased to note that there is a reasonable fee associated with the deal of £995, which can either be paid upfront or added to the advance. Furthermore, there is an impressive incentive package on offer of a free valuation and £500 cashback, which could be appealing to those hoping to keep any mortgage set-up costs to a minimum. The combination of a competitive initial rate, reasonable fee and the incentive package, means that on assessment this product earns an Outstanding Moneyfacts product rating.

Key product details:

  • Rate: 1.94% fixed rate to 31.10.24
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: England, Wales and Scotland. Available via selected intermediaries.

 

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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