Moneyfacts Weekly Product News – 27.08.2020 | moneyfacts.co.uk

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 27/08/2020

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

Gatehouse Bank – One Year Fixed Term Deposit

This week Gatehouse Bank has made a notable increase of 0.30% to the expected profit rate on its one-year fixed rate bond, improving its position in the top rate tables. Now paying 1.15% as an expected profit rate on maturity, the deal may attract savers looking for a competitive return on their cash and are happy to lock away their funds for a year. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.15% gross / 1.15% AER, payable on maturity
• Notice / term: One year
• Minimum opening amount: £1,000
• Maximum investment amount: £1,000,000
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18, Sharia’a-compliant account – rates shown are expected profit rate.


Yorkshire Building Society – Internet Saver Plus Issue

Yorkshire Building Society has increased the rate on its Internet Saver Plus Issue 6 this week. Savers invest £10,000 up to £49,999 will find the deal now pays 0.06% more at 0.76% which has improved its position in the top rate tables. Those savers who want instant access to their cash will find this deal appealing but they will need to open and manage their account online. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 0.76% gross / 0.76% AER, payable yearly on a deposit of £10,000 up to £49,999 (rate differs below and above this deposit)
• Notice / term: None
• Minimum opening amount: £1
• Maximum investment amount: £500,000
• Access: Unlimited access
• Further additions: Permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16.

 

Mortgages

Barclays Mortgage – Two-year variable rate mortgage, 75% loan-to-value

This week sees Barclays Mortgage increase the rate on its two-year tracker mortgage by 0.10%. Despite the rise, the deal, now priced at 1.36%, remains the lowest in its sector. Available to those purchasing or remortgaging, the fee of £1,999 can be paid upfront or added to the advance. There is also a competitive incentive package for those remortgaging which includes a free valuation and either free legal fees or £200 cashback, which may appeal to those looking to keep their set-up costs down. As with any deal it is vital borrowers work out the overall true cost to ensure it is right for them.

Key product details:
• Rate: 1.36% variable rate for two years
• Product fee: £1,999, all of which can be added to the advance or paid upfront
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: For those remortgaging, a free valuation and either free legal fees or £200 cashback
• Flexible features: Allows overpayments
• Lending area: Great Britain & Northern Ireland.


Principality Building Society – Five-year fixed rate mortgage, 80% loan-to-value

Principality Building Society has increased the rate on its five-year fixed mortgage this week by 0.32%, now priced at 2.34% but it retains its competitive package. This fee-free deal is available to all borrowers and comes with a free valuation and for those remortgaging, free legal fees. Borrowers searching for a competitive incentive package and have a 20% deposit or equity may then find this deal appealing if they are looking to save on the upfront cost of their mortgage.

Key product details:
• Rate: 2.34% fixed rate to 30.11.25
• Product fee: None
• Maximum loan-to-value: 80%
• Available to: All borrower types
• Incentives: Free valuation and for those remortgaging free legal fees
• Flexible features: Allows overpayments
• Lending area: England & Wales

 

Loans

Hitachi Personal Finance – Personal Loan

This week Hitachi Personal Finance has reduced the rate charged on it’s Personal Loan for those borrowing between £5,000 and £25,000 by 0.4%, to 3.5% APR. Now with a lower interest rate, this deal has boosted its appeal to consumers who may be looking to borrow at this tier as the loan secures a higher position in the top rate tables. The product earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Representative APR: 3.5%
• Loan period: Rate shown is based on a term of 60 months for a £5,000 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.

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