Derin Clark

Derin Clark

Online Reporter
Published: 15/08/2019

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

PCF Bank – 5 Year Term Deposit (Issue 17)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week PCF Bank has launched a new five-year fixed rate bond, entering the market as one of the top rates available in its sector. Savers must be satisfied to lock their money away for the duration of the term as no earlier access is permitted. Those looking for a guaranteed return on their investment after five years and who have £1,000 to invest may be attracted to this new deal. This account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 2.40% gross/2.40% AER, payable on its anniversary
• Notice / term: Fixed for five years
• Minimum opening amount: £1,000
• Maximum investment amount: £250,000
• Access: Not permitted
• Further additions: Permitted 14 days from account opening
• Opening account: Online and by post
• Managing account: Online, by phone and by post
• Other information: Minimum applicant age 18

Mortgages

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

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Post Office Money® has launched a new five-year fixed rate mortgage, aimed at borrowers with a 15% deposit/equity. Priced at 2.07% for five years, the deal carries a cost-saving incentive package of free valuation for all, free legal fees for those remortgaging, and charges a low fee. This combination may well appeal to borrowers looking to secure a competitive rate over the longer-term. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 2.07% fixed to 30.11.24
• Product fee: £495, all of which can be added to the mortgage advance
• Maximum loan-to-value: 85%
• 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

 

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

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Barclays Mortgage has made a few adjustments to its range of mortgages this week, including its five-year fixed rate mortgage available to borrowers who have a 20% deposit/equity. This deal, priced at 1.95%, has improved thanks to a rate cut of 0.03% and includes an attractive incentive package of free valuation for all applicants and free legal fees for those remortgaging. Overall, the deal may well attract borrowers looking for a competitive cost-saving mortgage over the longer-term from a high street brand. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.95% fixed to 31.10.24
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 80%
• 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

 

Yorkshire Building Society – 10-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Yorkshire Building Society has improved its 10-year fixed rate mortgage, after a rate cut of 0.04%. Now priced at 2.38%, this deal carries an incentive of free valuation for all and charges a low fee. The product is also flexible as it allows borrowers to take payment holidays, as well as make underpayments and overpayments. Borrowers looking to secure a fixed rate over the next decade with minimal upfront cost will likely find this deal attractive. As a result, the deal earns a Moneyfacts product rating of Excellent.”

Key product details:
• Rate: 2.38% fixed to 31.12.29
• Product fee: £495, all of which can be added to the mortgage advance
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: Free valuation
• Flexible features: Allows overpayments, underpayments and payment holidays
• Lending area: Great Britain and Northern Ireland

Cards

Sainsbury’s Bank – Dual Offer Credit Card

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Sainsbury’s Bank has added one month onto its Dual Offer 0% purchase and balance transfer terms to 25 months, improving its position in the market. This card will be highly attractive to shoppers and those looking to make a balance transfer, plus it rewards spenders with Nectar points. This deal earns an Outstanding Moneyfacts product rating as a result.”

Key product details:
• Introductory rate for purchases: 0% for 25 months
• Introductory rate for balance transfers: 0% for 25 months
• Standard interest rate for purchase: 20.9% APR
• Balance transfer fee: 3% or minimum £3
• Card fee: N/A
• Opening method: Online and by phone
• Card management: Online, by phone and by post
• Other information: Minimum age 18, Nectar card points scheme

Loans

Admiral – Personal Loan

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Admiral has increased the rate (by 0.2%) on its unsecured personal loan tier of £7,500 to £15,000 over a one to five-year term. Despite the small rise, it remains as one of the lowest rates in its sector. Borrowers looking for a loan either to make home improvements or consolidate debts may well be attracted by this rate. As a result, the loan earns a Moneyfacts Outstanding product rating.”

Key product details:
• Representative APR: 3.1%
• Loan period: Rate shown is based on a term of 60 months
• Application available: Online or by phone
• Other information: Available to new and existing customers, minimum age 18

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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