Moneyfacts Weekly Product News – 25.06.2020 | moneyfacts.co.uk

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 25/06/2020

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.

Savings

Leeds Building Society – Limited Issue Online Access Account (Issue 13)

This week, Leeds Building Society has launched a new easy access account onto the savings market, which pays 0.85%. This account will allow savers to make unlimited deposits and withdrawals, but they will need at least £1,000 available to invest to open the account. Savers may find this deal an attractive choice as it sits favourably in the top rate tables, however, as the name suggests, this deal may only be available for a limited time. Overall, the deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 0.85% gross / 0.85% AER, payable on maturity
• Notice / term: None
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: Permitted
• Further additions: Permitted while the issue remains open
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, matures on 1.9.21 into an instant access maturity account.

Al Rayan Bank – 12-month Fixed Term Deposit

This week, Al Rayan Bank has reduced the expected profit rate on the 12-month version of its Fixed Term Deposit account by 0.10%. Despite the rate cut, the deal sits at the top of the one-year fixed bond market and pays an expected profit rate of 1.10%. Savers looking for fixed return and who perhaps desire quarterly interest payments to supplement their income, may then find this deal an attractive choice. As is common with fixed accounts, earlier access and further additions are not permitted. This deal earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.10% gross / 1.10% AER, expected profit rate, payable quarterly
• Notice / term: 12 months
• Minimum opening amount: £1,000
• Maximum investment amount: No maximum
• Access: Not permitted
• Further additions: Not permitted
• Opening account: By phone, by post, in branch, online and via mobile app
• Managing account: By phone, by post, in branch, online and via mobile app
• Other information: Minimum applicant age 16, operates under Islamic finance principles, the rates displayed represent the expected profit rate, paid into a linked or nominated account on maturity. Quarterly profit reduced if taken as an income.

 

Mortgages

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

Platform has reduced rates across its entire range of fixed rate mortgage options this week, with its two-year fixed deal reducing by 0.14%. Now priced at 1.29%, the deal includes an attractive incentive package of free valuation and £250 cashback for all borrowers and free legal fees for those remortgaging. Those looking for a cost-saving incentive package and competitive rate when using a broker may then find this an appealing choice. As a result, the deal earns a Moneyfacts product rating of Outstanding.

Key product details:
• Rate: 1.29% fixed rate to 31.10.22
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 75%
• Available to: All borrowers
• Incentives: Free valuation and £250 cashback for all borrowers, free legal fees in addition for remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain, deal is available via selected intermediaries.

 


Marsden Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

This week, Marsden Building Society has launched a new discounted variable rate mortgage available to borrowers with a 20% deposit or equity. The deal includes an attractive incentive package of free valuation for all borrowers and for those remortgaging, free legal fees on top. Borrowers looking for a competitive rate and wish to keep the initial cost of their mortgage low may therefore find this an appealing option. The deal earns a Moneyfacts product rating of Excellent.

Key product details:
• Rate: 1.49% discounted variable rate to 31.10.22
• Product fee: £299 booking fee, £699 product fee, all of which can be added to the mortgage advance
• Maximum loan-to-value: 80%
• Available to: All borrowers
• Incentives: Free valuation for all and for those remortgaging free legal fees
• Flexible features: Allows overpayments
• Lending area: Wales and England, deal is 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.

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