nigel woollsey

Nigel Woollsey

Online Writer
Published: 20/06/2019

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

Principality Building Society – Two-year fixed ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Principality Building Society has launched a new two-year fixed ISA this week which sits towards the top half in its sector and pays 1.55% on maturity. This straightforward ISA may well attract savers looking to invest over a two-year period and who may require earlier access, however savers will incur a penalty of 180- day loss of interest penalty if they do so and the ISA will be closed.”

Key product details:
• Rate: 1.55% gross/1.55% AER, payable on maturity, 1.54% monthly
• Minimum opening amount: £500
• Maximum investment amount: ISA allowance
• Access: On closure only on 180 days’ loss of interest
• Further additions: Permitted within 30 days of account opening
• Transfers In: Accepts cash ISAs and Stocks & Shares ISAs
• Opening account: Online or in branch
• Managing account: Online or by phone or in branch
• Other information: Minimum applicant age 16

Mortgages

Barclays Mortgage – Two-year fixed mortgage, 95% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “First or second-time buyers with a small deposit of 5% will be delighted by this latest rate cut (of 0.03%) from Barclays Mortgage on its two-year fixed deal. Not only does the package charge a competitive rate of 2.77%, but it also includes a free valuation incentive and does not charge a product fee. Those looking to save on the upfront cost of their deal will find this mortgage highly appealing and it deserves its Moneyfacts product rating of Outstanding.”

 

Key product details:

  • Rate: 2.77% fixed to 31.7.21
  • Product fee: None
  • Maximum loan to value: 95%
  • Available to: First and second-time buyers
  • Incentives: Free valuation for all
  • Flexible features: Allows overpayments
  • Lending area: Great Britain

 

Santander – Five-year fixed mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:
“Santander has cut the rate on its two-year fixed mortgage by 0.05%, to stand at 1.84% this week. This change boosts the overall appeal of the deal, which includes a free valuation for all borrowers and £250 cashback for remortgage customers. The product fee of £999 can be added to the advance of the mortgage, which is ideal for those looking to save on the upfront cost. This deal earns a Moneyfacts Outstanding product rating as a result.”

Key product details:
• Rate: 1.84% fixed to 2.10.24
• Product fee: £999, can be added to mortgage advance
• Maximum loan to value: 75%
• Available to: All borrower types
• Incentives: Free valuation for all, £250 for remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain

Cards

Sainsbury’s Bank – Balance transfer credit card

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said “This week, Sainsbury’s Bank has taken one month off its 0% balance transfer offer to 28 months. Despite the cut, the card remains one of the most competitive interest-free balance transfer offers in its sector. Borrowers would be wise to keep in mind that a 3.00% fee is chargeable for any balance transfer made. The card also includes a Nectar points scheme, which may be enticing for those looking to make purchases on the card, especially as it includes a three-month interest-free purchase offer. This deal earns an Moneyfacts Outstanding product rating as a result.”

Key product details:
• Introductory rate for purchases: 0% for three months
• Introductory rate for balance transfers: 0% for 28 months
• Standard Interest rate for purchase: 19.9% APR
• Balance transfer fee: 3% or minimum £3
• Card fee: N/A
• Opening account: Online and by phone
• Managing account: 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 1.8%) on its unsecured personal loan tier of £3,000 to £4,999 over a one to five-year term. Despite the rise, it remains as one of the lowest rates in its sector. Borrowers looking for a loan either to consolidate debts or make home improvements may well be attracted by this rate. As a result, the loan earns a Moneyfacts Outstanding product rating.”

Key product details:
• Representative APR: 8.2%
• Loan period: Rate shown is based on a term of 36 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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