Derin Clark

Derin Clark

Online Reporter
Published: 01/08/2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Savings

Chorley Building Society – Accessible Saver Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Launching a new easy access account this week is Chorley Building Society, which pays 1.45% yearly. This offer may entice savers who have £500 to invest and are looking for a new home for their cash and are happy to open it in post or in branch. However, withdrawal restrictions do apply and a lower rate of 0.60% will be paid if more than one withdrawal is made within a year. The deal earns an Excellent Moneyfacts product rating in the process.”

Key product details:

  • Rate: 1.45% gross/1.45% AER, payable yearly on 31 December
  • Minimum opening amount: £500
  • Maximum investment amount: £500,000
  • Access: One withdrawal permitted without penalty (rate drops to 0.60% thereafter)
  • Further additions: Permitted
  • Opening account: In branch or by post
  • Managing account: In branch or by post
  • Other information: Minimum applicant age 18

Newcastle Building Society – Five Year Fixed Rate ISA (Issue 31)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Newcastle Building Society has launched a new issue of its five-year fixed rate ISA this week, which pays 2.12%. The deal holds a firm position in its sector as one of the best rates around. Savers looking to invest in a straightforward longer-term fixed rate ISA may be attracted to this deal. While savers can access their cash early, they will incur a 365-day loss of interest penalty. The deal earns a Moneyfacts product rating of Excellent in the process.”

Key product details:

  • Rate: 2.12% gross/2.12% AER, payable yearly, 2.10% monthly
  • Notice/term: Fixed to 17.9.24
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Subject to 365 days’ loss of interest
  • Further additions: Permitted while the issue remains open
  • Transfers In: Accepts cash ISAs and stocks & shares ISAs, plus others
  • Opening account: Online and in branch
  • Managing account: Online, by phone, by post and in branch
  • Other information: Minimum applicant age 16

Mortgages

Virgin Money – 15-year fixed rate mortgage, 65% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This brand-new deal from Virgin Money becomes the longest fixed term in its range and the longest repayment mortgage on the market. Priced at 2.55%, the deal includes a generous incentive package of free valuation and free legal fees for those looking to remortgage or £300 cashback for house purchase customers. This deal may well entice borrowers looking for a competitive rate over the longer term along with some cost-saving incentives. As a result, the deal earns a Moneyfacts product rating of Excellent.”

Key product details:

  • Rate: 2.55% fixed to 1.11.34
  • Product fee: £995, all of which can be added to the mortgage advance
  • Maximum loan-to-value: 65%
  • Available to: All borrower types
  • Incentives: £300 cashback for house purchase, free valuation and free legal fees for remortgage customers
  • Flexible features: Allows overpayments and payment holidays
  • Lending area: Great Britain and Northern Ireland

Newcastle Building Society – Five-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week Newcastle Building Society has improved its five-year fixed rate mortgage, after a rate cut of 0.19%. Now priced at 2.90% for five years, the deal becomes the lowest rate in its sector and charges a low fee. This combination may well appeal to borrowers looking to secure a competitive rate over the longer-term. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:

  • Rate: 2.90% fixed to 31.10.24
  • Product fee: £498, of which £299 can be added to the mortgage advance
  • Maximum loan-to-value: 95%
  • Available to: All borrower types
  • Incentives: None
  • Flexible features: Allows overpayments
  • Lending area: Great Britain
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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