nigel woollsey

Nigel Woollsey

Online Writer
Published: 10/10/2019

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

OakNorth – 15 Month Deposit Account

Commenting on the deal, Darren Cook, Finance Expert at Moneyfacts.co.uk, said “This week, OakNorth has launched a new 15-month bond that pays 1.78%. The deal enters the market into a competitive position and could well entice savers who are looking at locking away part of their savings pot for the shorter term in a fixed rate bond. Unusually, this bond also offers some flexibility, allowing savers to deposit further funds within two weeks of the account being opened. As a result, this account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 1.78% gross/1.78% AER, payable on maturity
• Notice / term: 15 months
• Minimum opening amount: £1
• Maximum investment amount: £500,000
• Access: Not permitted
• Further additions: Permitted, within 14 days of account opening
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18

Mortgages

TSB – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Darren Cook, Finance Expert at Moneyfacts.co.uk, said “TSB has introduced a new five-year fixed mortgage deal to its range this week, priced at 1.49% – the lowest rate in its sector. The deal is for remortgage borrowers only and is only available via intermediaries. It includes a cost-saving incentive package of free valuation and either £300 cashback or free legal fees, however a fee of £1,495 is payable upfront.”

Key product details:
• Rate: 1.49% fixed to 30.11.24
• Product fee: £1,495, which is payable upfront
• Maximum loan-to-value: 60%
• Available to: Remortgage borrowers only
• Incentives: Free valuation and either £300 or free legal fees
• Flexible features: Allows overpayments up to 10% of outstanding balance per annum and a repayment holiday is available after one year, subject to approval


Barclays Mortgage – Five-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Darren Cook, Finance Expert at Moneyfacts.co.uk, said “Barclays Mortgage has reduced the rate on its five-year fixed mortgage deal by 0.05% this week. Now priced at 1.78%, this deal offers the lowest rate in its sector. For those looking to save on upfront costs, it comes with a reasonable fee of £999 – all of which can be added to the advance – and a comprehensive incentive package that includes free valuation, while those remortgaging also get free legal fees.”

Key product details:
• Rate: 1.78% fixed to 31.1.25
• Product fee: £999, which can either be payable upfront or added to advance
• Maximum loan-to-value: 80%
• Available to: All borrowers
• Incentives: Free valuation, and free legal fees for remortgage borrowers
• Flexible features: Allows overpayments up to 10% of outstanding balance per annum

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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