nigel woollsey

Nigel Woollsey

Online Writer
Published: 17/10/2019

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

Leeds Building Society – Limited Issue Online Access ISA (Issue 13)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “This week, Leeds Building Society has launched a new limited issue easy access ISA that pays 1.46% on maturity. Savers looking to utilise their ISA allowance may well be delighted by this new deal as it pays a joint market-leading rate in its sector. This deal will accommodate those who require unlimited access to their cash or may wish to make an ISA transfer as well. As a result, this account earns an Excellent Moneyfacts product rating.”

Key product details:
• Rate: 1.46% gross/1.46% AER, payable on maturity (30.11.20)
• Notice / term: No notice
• Minimum opening amount: £1,000
• Maximum investment amount: ISA allowance
• Access: Unlimited
• Further additions: Permitted while issue remains open
• Transfers in: Accepts cash and stocks and shares ISAs
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16


Bank of London and The Middle East (BLME) – 18-Month Premier Deposit Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Following the trend of rate cuts in the fixed bond market this week is BLME, dropping its 18-month expected profit rate by 0.10%. Now paying 2.00%, the deal retains a place in the top rate tables and sits just shy of the market leader, so savers may well find this an attractive return over the shorter-term. As is typical of a fixed rate bond, early access is not permitted, so savers must be comfortable with their initial investment. It earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 2.00% gross/2.00% AER, expected profit rate, payable on its anniversary
• Notice / term: 18 months
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: No earlier access permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: By post
• Other information: Minimum applicant age 18, operates under Islamic finance principles, the rates displayed represent the expected profit rate, savers require a BLME transfer account to hold funds pending investment

UBL UK – 5 Year Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “UBL UK has increased the rate on its five-year fixed deal this week by a substantial 0.66%, resulting in it assuming a market-leading position. Now paying 2.47% on maturity, this new offer may well appeal to savers searching for a fixed return over the longer term. Those looking for monthly interest also have this option here, but for a smaller return of 2.33%. Savers must be satisfied with their initial investment, although this deal does allow earlier access, subject to a 365-day interest penalty. This account earns an Excellent Moneyfacts product rating in the process.”

Key product details:
• Rate: 2.47% gross/2.36% AER, payable on maturity, 2.36% on anniversary, 2.33% monthly
• Notice / term: Fixed for five years
• Minimum opening amount: £2,000
• Maximum investment amount: £1 million
• Access: Earlier access subject to a 365-day loss of interest penalty
• Further additions: Not permitted
• Opening account: In branch or by post
• Managing account: In branch or by post
• Other information: Minimum applicant age 18

Mortgages

Yorkshire Building Society – Five-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 made a rate cut of 0.14% on its five-year fixed mortgage, boosting its overall appeal. Now priced at 1.68%, the deal includes a cost-saving incentive package of free valuation and charges a reasonable fee of £495, which can be added to the mortgage advance. Those borrowers looking to lock into a competitive fixed rate with a trusted brand over the next five years may well find this an appealing choice. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:
• Rate: 1.68% fixed to 31.12.24
• 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

Skipton Building Society – Five-year fixed rate mortgage, 60% loan-to-value (via intermediaries)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “Borrowers searching for a low rate five-year fixed mortgage through an intermediary may be excited by this latest launch by Skipton Building Society. Priced at 1.45%, the deal includes an incentive package of free valuation for all borrowers and free legal fees for remortgage customers, plus its upfront 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: 1.45% fixed to 31.12.24
• Product fee: £1,495, 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 and free legal fees for remortgage customers
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain, deal is available via 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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