nigel woollsey

Nigel Woollsey

Online Writer
Published: 12/09/2019

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

Cynergy Bank – One-Year Fixed Rate Cash ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Cynergy Bank has stormed to the top of the one-year fixed ISA market, after a rate rise of 0.07% this week. Savers looking to utilise their ISA allowance for 2019/2020 but who would prefer to lock into a shorter-term fixed deal with some flexibility, may find this deal appealing. However, early access will result in a 180-day loss of interest penalty. This account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 1.63% gross/1.63% AER, payable on its anniversary
• Notice / term: Fixed for one year
• Minimum opening amount: £500
• Maximum investment amount: ISA allowance
• Access: Subject to 180 days’ loss of interest
• Further additions: Extra funds can be added to the account with a variable rate paid – refer to provider
• Transfers In: Accepts cash and stocks and shares ISAs
• Opening account: Online
• Managing account: Online, in branch, by phone or by post
• Other information: Minimum applicant age 18

Mortgages

Post Office Money® – Two-year fixed mortgage, 85% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Borrowers searching for a new mortgage from a well-known brand will be delighted by the latest rate cut of 0.10% by Post Office Money®. Its two-year fixed deal, now priced at 1.85%, also carries a cost-saving incentive package and charges no product fee. All borrowers will get a free valuation and remortgage customers will also get free legal fees. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.85% fixed to 30.11.21
• Product fee: None
• Maximum loan-to-value: 85%
• Available to: All borrower types
• Incentives: Free valuation for all, remortgage customers get free legal fees
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland

 

Barclays Mortgage – Ten-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “This week, Barclays Mortgage has made a slight rate cut of 0.02% on its 10-year fixed mortgage. Now priced at 2.28%, the deal charges a reasonable fee and includes an attractive incentive package. A free valuation is offered to all applicants and free legal fees area available to those remortgaging. Borrowers looking to secure their monthly repayments for the next decade with a high street brand and take advantage of some cost-saving incentives may find this deal appealing. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 2.28% fixed to 31.10.29
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 60%
• Available to: All borrower types
• Incentives: Free valuation for all, remortgage customers get free legal fees
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland


NatWest Intermediary Solutions – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Borrowers looking to secure a competitive fixed rate mortgage via an intermediary will be pleased by this latest cut from NatWest Intermediary Solutions. Its five-year fixed mortgage has improved thanks to a rate reduction of 0.14%. Now charging 1.58%, the deal sits as the joint-lowest within its sector. In addition to the low rate, a £250 cashback incentive is available and the £995 product fee can be added to the mortgage advance. As a result, the deal earns a Moneyfacts product rating of Excellent.”

Key product details:
• Rate: 1.58% fixed to 31.1.25
• Product fee: £995, all of which can be added to the mortgage advance
• Maximum loan-to-value: 60%
• Available to: House purchase customers
• Incentives: £250 cashback
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland, deal is available via selected intermediaries

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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