Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 19/12/2019

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. Find the best product for you.

Savings

Aldermore – Two-year fixed rate account

This week, Aldermore has adjusted rates on its fixed rate accounts, with its two-year fixed deal experiencing a cut of 0.05%. Now paying 1.80%, the deal retains a prominent position in the market and its 1.79% monthly option may well entice those looking to supplement their income. As is typical of a fixed rate bond, early access is not permitted, but savers can make further additions for 14 days from opening the account. It earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.80% gross / 1.80% AER, payable on its anniversary, monthly option of 1.79% available
• Notice / term: Fixed for two years
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: No earlier access permitted
• Further additions: Additions for 14 days from account opening
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18.

UBL UK – Five-year fixed rate account

UBL UK has this week increased selected fixed rates, with its five-year fixed deposit experiencing a rise of 0.02%. Now paying 2.50% gross on maturity, the deal also offers an interest-paying option on its anniversary of 2.38% gross and also a monthly option at 2.35% gross. This deal sits head and shoulders above its peers and may well suit those looking for a decent return over the longer-term. Savers must make sure they are comfortable with their initial investment, as although earlier access is permitted, it is subject to a 365-day interest penalty. This account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 2.50% gross / 2.38% AER, payable on maturity, anniversary option available paying 2.38% / 2.38% AER, gross monthly option of 2.35% gross/2.38% AER available
• Notice / term: Fixed for five years
• Minimum opening amount: £2,000
• Maximum investment amount: £1 million
• Access: Permitted subject to a 365-day loss of interest penalty
• Further additions: Not permitted
• Opening account: In branch and by post
• Managing account: In branch and by post
• Other information: Minimum applicant age 18.

Mortgages

Lloyds Bank – Five-year fixed rate mortgage, 80% loan-to-value

This week, Lloyds Bank has made various cuts to selected fixed rates, with its five-year fixed deal reducing by 0.10%. Now priced at 1.74%, the deal offers a highly competitive rate and incentive package. Those looking to remortgage and who wish to take advantage of some cost-saving incentives with a well-known brand may find this deal a competitive option, but they must pay for the product fee upfront. 

Key product details:
• Rate: 1.74% fixed to 28.2.25
• Product fee: £1,499 payable upfront
• Maximum loan-to-value: 80%
• Available to: Remortgage customers
• Incentives: Free valuation and free legal fees
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain and Northern Ireland.

Barclays Mortgage – Two-year fixed rate mortgage, 90% loan-to-value

Barclays Mortgage has increased selected fixed rates this week, with its two-year fixed mortgage experiencing a rise of 0.05%. Now priced at 1.85%, and despite the rate rise, the deal remains a competitive choice as it also comes with a noteworthy incentive package. Those looking to take advantage could find the package enticing as borrowers will get a free valuation and remortgage customers are also offered the choice of free legal fees or £250 cashback.

Key product details:
• Rate: 1.85% fixed to 31.1.22
• Product fee: £999, all of which can be added to the mortgage advance
• Maximum loan-to-value: 90%
• Available to: All borrower types
• Incentives: Free valuation for all, free legal fees or £250 cashback for remortgage customers
• Flexible features: Allows overpayments
• 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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