nigel woollsey

Nigel Woollsey

Online Writer
Published: 03/10/2019

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.

Savings

Saga – Easy Access Savings Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “This week, Saga has launched a new easy access account that pays 1.39%. The deal enters the market into a competitive position and could well entice savers searching for a flexible home for their cash. The rate includes an introductory bonus of 0.25% for 12 months, so savers would be wise to review the account before this expires. This account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 1.39% gross/1.40% AER, payable monthly
• Notice / term: No notice
• Minimum opening amount: £1
• Maximum investment amount: £100,000
• Access: Unlimited
• Further additions: Permitted, via a nominated account
• Opening account: Online
• Managing account: Online and by phone
• Other information: Minimum applicant age 18, introductory bonus of 0.25% for 12 months


Nottingham Building Society – Seasonal Saver

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Nottingham Building Society has a brand new regular savings account this week, which pays a variable rate of 2.50%. The deal takes a place towards the top of the market and may suit savers looking to save a nest egg of up to £3,500 to withdraw at the end of November 2020, perhaps for the festive spend. Savers must be aware that early access is not permitted, as is common with a regular savings account. As a result, the deal earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 2.50% gross/2.50% AER, payable yearly
• Notice / term: 30.11.20
• Minimum opening amount: £10
• Maximum investment amount: £3,500
• Access: Not permitted until 30.11.20
• Further additions: £250 maximum per month
• Opening account: Branch
• Managing account: Branch
• Other information: Minimum applicant age 18

Mortgages

Yorkshire Building Society – Two-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Yorkshire Building Society has made a slight increase of 0.07% to the rate on its two-year fixed mortgage this week, but it still offers a decent package overall. Now priced at 1.91%, the deal includes a cost-saving incentive package of free valuation and charges a reasonable fee of £495, which can be added to the mortgage advance. Borrowers who have the required 10% deposit and are searching for a trusted brand for their mortgage will find this deal appealing. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.91% fixed to 31.12.21
• Product fee: £495, all of which can be added to the mortgage advance
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: Free valuation
• Flexible features: Allows overpayments, underpayments and payment holidays

Leek United Building Society – Two-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “This week, Leek United Building Society has made a sizeable reduction to its two-year fixed rate mortgage of 0.34%. Now priced at 2.00%, the deal includes a cost-saving incentive package of free valuation and does not charge a product fee. Those borrowers with the required 10% deposit and are looking to keep their upfront costs down may find this deal appealing. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 2.00% fixed to 28.2.22
• Product fee: None
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: England and Wales

Newcastle Building Society – 10-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Reducing the rate on its 10-year fixed rate mortgage this week (by 0.04%) is Newcastle Building Society. Now priced at 2.85%, the deal is available to borrowers with a 10% deposit and while no incentives are offered, £800 of the product fee can be added to the mortgage advance so those looking to secure a competitive fixed rate over the next decade may still find it attractive. As a result, the deal earns a Moneyfacts product rating of Excellent.”

Key product details:
• Rate: 2.85% fixed to 28.2.30
• Product fee: £999, of which £800 can be added to the mortgage advance
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: None
• Flexible features: Allows overpayments
• Lending area: Great Britain only

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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