Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 21/11/2019

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

Bank of London and The Middle East (BLME) – 1 Year Premier Deposit Account

This week BLME improved its position in the short-term fixed bond market by increasing the rate on its one-year offering by 0.05%. Now paying 1.90% on maturity, the deal climbs up the top rate tables and may well entice savers looking for a lucrative rate over a 12-month 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: 1.90% gross/1.90% AER, expected profit rate, payable on maturity
• Notice / term: Fixed for one year
• 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.

 

Market Harborough Building Society – 180 Day Notice Account

Launching a new notice account this week is Market Harborough Building Society, which heads straight into the top rate tables. Paying a competitive rate of 1.75% monthly, the deal permits access so long as 180 days’ notice is given. This offer may entice savers who are comfortable to lock their money away for the required term for an attractive interest return, particularly if they don’t want the temptation of early access. It earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.75% gross/1.76% AER, payable monthly
• Notice / term: 180 days’ notice
• Minimum opening amount: £5,000
• Maximum investment amount: £500,000
• Access: No earlier access permitted
• Further additions: Permitted
• Opening account: In branch, by post and online
• Managing account: In branch, by post and online
• Other information: Postal opening and operating not available for over 18s.

Mortgages

NatWest – Two-year fixed mortgage, 90% loan-to-value

NatWest has cut the rate on its two-year fixed mortgage this week by 0.12%, improving its overall appeal. Now priced at 1.84%, the deal becomes one of the lowest rates within its sector and offers a £250 cashback incentive, as well as charging a reasonable product fee of £995. Borrowers looking to secure a low rate with a well-known brand may well find this deal a competitive option.

Key product details:
• Rate: 1.84% fixed to 31.3.22
• Product fee: £995, all of which can be added to the mortgage advance
• Maximum loan-to-value: 90%
• Available to: House purchase customers
• Incentives: £250 cashback
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland.

 

Chelsea Building Society – Five-year fixed rate mortgage, 95% loan-to-value

Chelsea Building Society has this week launched a new five-year fixed mortgage, which is available borrowers with a 5% deposit. The deal charges a rate of 3.55% over the five years and while it may not be the lowest priced in the market, it does come with an incentive free valuation and charges a product fee of £495 that can be added to the mortgage advance. Borrowers looking to keep their initial costs down may therefore find this deal appealing.

Key product details:
• Rate: 3.55% fixed to 31.3.25
• Product fee: £495, all of which can be added to the mortgage advance
• Maximum loan-to-value: 95%
• Available to: All borrower types
• Incentives: Free valuation for all
• Flexible features: Allows overpayments, underpayments and payment holidays
• Lending area: Great Britain and Northern Ireland

 

Santander – Two-year fixed rate mortgage, 95% loan-to-value

Santander has increased the rate on its two-year fixed rate mortgage by 0.15% this week, but retains a good overall package. Despite the rise, at 3.14% the deal remains competitive and it includes a generous incentive package and does not charge a product fee. Borrowers hoping to save on the upfront cost of their mortgage and secure a low rate over the next five years will find this deal highly attractive. House purchase customers looking for an attractive rate and cost-saving package may find this an appealing choice.

Key product details:
• Rate: 3.14% fixed to 2.3.22
• Product fee: None
• Maximum loan-to-value: 95%
• Available to: House purchase customers
• Incentives: Free valuation for all, £250 cashback
• 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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