Moneyfacts Weekly Product News – 13.02.2020 | moneyfacts.co.uk
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Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 13/02/2020

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

Cynergy Bank – One-year fixed rate ISA

Cynergy Bank retains a prominent position in the market this week with its one-year fixed rate ISA, despite a slight rate reduction of 0.10%. Now paying 1.30%, this ISA may entice savers looking to take advantage of their ISA allowance and are searching for a decent return on their deposit. Savers that may require earlier access to funds than planned can do so, but an interest penalty would apply in this instance. This account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.30% gross / 1.30% AER, payable on its anniversary
• Notice / term: Fixed for one year
• Minimum opening amount: £500
• Maximum investment amount: ISA allowance
• Access: Permitted subject to a 180 day loss of interest penalty
• Further additions: Permitted with a variable rate paid - refer to provider
• Transfers in: Accepts cash and stocks and shares ISAs
• Opening account: Online
• Managing account: Online, by phone and by post
• Other information: Minimum applicant age 16.


Yorkshire Building Society – 1 Year Limited Access Saver – Issue 3

Yorkshire Building Society has launched a 1 Year Limited Access Saver this week, which pays 1.30%. As one of the top deals within the easy access market, this account may entice savers who can restrict any withdrawals to one day per year and are happy to open and manage their account online. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.30% gross/1.30% AER, payable on its anniversary
• Notice / term: No notice
• Minimum opening amount: £100
• Maximum investment amount: £2 million
• Access: One withdrawal day per account year
• Further additions: Permitted
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16, new money only, reverts to latest issue of Limited Access Saver after 12 months.

Mortgages

Virgin Money – Five-year fixed rate mortgage, 65% loan-to-value

This week, Virgin Money has reduced the rate on its five-year fixed rate mortgage by 0.03%. Now priced at 1.53%, the deal carries a decent incentive package which might attract borrowers looking to save on the upfront cost of their deal. House purchase customers are offered £300 in cashback but remortgage customers will benefit from a free valuation and free legal fees incentive. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.53% fixed to 1.5.25
• Product fee: £995, all of which can be added to the mortgage advance
• Maximum loan-to-value: 65%
• Available to: All borrower types
• Incentives: House purchase customers offered £300 cashback, free valuation and free legal fees to remortgage customers
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain and Northern Ireland.

HSBC – Three-year fixed rate mortgage, 60% loan-to-value

HSBC has made several changes to its mortgage range this week, seeing its three-year fixed rate deal reduced by 0.10%. Now priced at 1.34%, this deal leads its sector as the lowest rate available and includes an attractive incentive package of free valuation for all applicants and free legal fees for those remortgaging. Borrowers searching for a low rate and a competitive incentive package may find this an enticing option. As a result, the deal earns a Moneyfacts product rating of Outstanding.

Key product details:
• Rate: 1.34% fixed to 30.6.23
• Product fee: £999 payable upfront
• Maximum loan-to-value: 60%
• Available to: All borrower types
• Incentives: Free valuation, and free legal fees for remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland.

Halifax – 10-year fixed rate mortgage, 60% loan-to-value

This week, Halifax has cut the rate on its 10-year fixed rate mortgage by 0.09%. Now priced at 2.13%, the deal becomes the lowest rate in its sector and is available to house purchase customers at 60% loan-to-value. While there is no incentive package included, the deal charges a reasonable fee of £995, which can be added to the mortgage advance. Borrowers looking for a low rate mortgage over the longer-term with a well-known brand may find this option appealing. It earns an Outstanding Moneyfacts product rating in the process.

Key product details:
• Rate: 2.13% fixed to 31.5.30
• Product fee: £995, all of which can be added to the mortgage advance
• Maximum loan-to-value: 60%
• Available to: Home movers
• Incentives: None
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain and Northern Ireland.

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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