Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 05/12/2019

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. Find the best product for you.

Savings

Family Building Society – 5 Year Fixed Rate Cash ISA

This week, Family Building Society has repriced selected fixed ISA rates, with its five-year option dropped by 0.05%. Despite the cut, the deal retains a competitive position in its sector and may attract savers looking for a longer-term home for their ISA cash, such as those who wish to supplement their income with interest that is paid yearly. If savers wish to transfer out their ISA cash within the five-year period, then they must pay an interest penalty and close the ISA in the process. This account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.75% gross/1.75% AER, payable yearly
• Notice / term: Fixed for five years
• Minimum opening amount: £1,000
• Maximum investment amount: ISA allowance
• Access: Earlier access on closure on up to 365 days’ loss of interest penalty
• Further additions: Permitted for 15 calendar days from account opening
• Transfers in: Accepts cash ISAs
• Opening account: By post, in branch, online
• Managing account: By phone, by post, in branch, online
• Other information: Minimum applicant age 16.

Mortgages

first direct – Five-year fixed rate mortgage, 75% loan-to-value

This week, first direct has made various cuts to selected fixed rates, with its five-year fixed deal reducing by 0.10%. Now priced at 1.59%, the deal offers not only a decent incentive package, but it also has a competitive rate. Those looking to secure an attractive rate over the next five years, but who are also hoping to save on the upfront cost, will find this deal appealing, as all applicants get a free valuation and remortgage customers get free legal fees. As a result, the deal earns a Moneyfacts product rating of Outstanding. 

Key product details:
• Rate: 1.59% fixed for five years
• Product fee: £490 payable upfront
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: Free valuation for all and remortgage customers get free legal fees
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland.

Leek United Building Society – Two-year discounted variable rate mortgage, 75% loan-to-value

Leek United Building Society has made a sizeable cut of 0.34% on its two-year discounted variable rate mortgage this week. Now priced at 1.65%, the deal includes a cost-saving incentive package of free valuation and charges a small product fee of £199. Borrowers with the required 25% deposit or equity and are looking to keep their upfront costs down may find this deal enticing. As a result, the deal earns a Moneyfacts product rating of Outstanding. 

Key product details:
• Rate: 1.65% discounted variable for two years (4.04% discount)
• Product fee: £199 payable upfront
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: England and Wales.

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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