Moneyfacts Weekly Product News – 12.03.2020 | moneyfacts.co.uk

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 12/03/2020

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

Atom Bank – 3 Year Fixed Saver

Atom Bank has adjusted the rates across its fixed rate savings range this week, with its three-year option experiencing a cut of 0.10%. Despite the cut, the account holds a place within the top rate tables, paying 1.70% on its anniversary. Savers must be satisfied with the length of the term as earlier access is not permitted, however they do have one week from opening the account to add additional funds. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.70% gross / 1.70% AER, payable on its anniversary, 1.69% gross / 1.69% AER monthly
• Notice / term: Three years
• Minimum opening amount: £50
• Maximum investment amount: £100,000
• Access: Not permitted
• Further additions: For one week from account opening
• Opening account: Mobile app
• Managing account: Mobile app
• Other information: Minimum applicant age 18.

Mortgages

Nationwide Building Society – Five-year fixed rate mortgage, 60% loan-to-value

This week, Nationwide Building Society has reduced the rate on its five-year fixed rate mortgage by 0.10%, improving its overall appeal. Now priced at 1.44%, the deal is available to remortgage customers and carries an attractive incentive package of free valuation and a choice of either free legal fees or £500 cashback. The product fee can also be added to the mortgage advance, which may well entice those looking to save on the upfront cost of their deal. This deal may be appealing to borrowers looking for a competitive rate over the longer-term.

Key product details:
• Rate: 1.44% fixed for five years
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 60%
• Available to: Remortgage customers
• Incentives: Free valuation and choice of either free legal fees or £500 cashback
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain and Northern Ireland (excludes Scilly Isles).

Hanley Economic Building Society – Two-year fixed rate mortgage, 95% loan-to-value

Hanley Economic Building Society has launched a new two-year fixed mortgage priced at 2.85% this week. The deal is not only competitively priced, but it also carries an attractive incentive package of free valuation and charges a low product fee of £349. Borrowers with just a 5% deposit or equity looking for a decent package and hoping to minimise the upfront cost of their mortgage may then find this an appealing option.

Key product details:
• Rate: 2.85% fixed to 29.6.22
• Product fee: £349 payable upfront
• Maximum loan-to-value: 95%
• Available to: All borrower types
• Incentives: Free valuation
• Flexible features: Allows overpayments
• Lending area: England, mainland Scotland and Wales.

Loans

Sainsbury’s Bank – Standard Nectar Cardholder Loan

This week Sainsbury’s Bank has improved rates charged on selected tiers on its unsecured personal loan, which may entice consumers looking to consolidate their debts. Customers looking to borrow £25,001 over a term of two to five years will find rates lowered by 1.0%, so the representative APR at this tier now stands at 5.7%. This change has boosted the appeal of the Standard Nectar Cardholder Loan and earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Representative APR: 5.7%
• Loan period: Rate shown is based on a term of 60 months for a £25,001 borrowing
• Application available: Online or by phone
• Other information: Available to new or existing customers but must hold a Nectar card (used within the last six months), minimum age 18, minimum income £7,500 per annum, overpayments allowed without an early repayment charge.

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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