Derin Clark

Derin Clark

Online Reporter
Published: 22/08/2019

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

Principality Building Society – Online Saver

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

“This week, Principality Building Society has launched an Online Saver, which enters the easy access market with a rate of 1.43%. Savers who have as little as £1 to invest and desire instant access will be delighted by this new deal as it sits towards the top of its sector. As a bonus rate of 0.25% is included for 12 months, savers would be wise to review the account a few weeks before it expires. The deal earns an Excellent Moneyfacts product rating in the process.” 

Key product details:

  • Rate: 1.43% gross/1.43% AER, payable yearly
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Unlimited withdrawals and access permitted
  • Further additions: Permitted (via a nominated account)
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16, introductory bonus of 0.25% for 12 months

 

OakNorth – 12 Month Fixed Rate Cash ISA

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

“OakNorth has retained a prominent position in the short-term fixed ISA market, despite a slight rate cut of 0.05% this week. Savers looking to utilise their ISA allowance for 2019/2020 but who would prefer to lock into a shorter-term fixed deal with some flexibility, may find this deal appealing. However, early access will result in a 90-day loss of interest penalty. This account earns an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 1.55% gross/1.55% AER, payable monthly
  • Notice / term: Fixed for 12 months
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Subject to 90 days’ loss of interest
  • Further additions: Permitted (via a nominated account)initial deposit must be received within the first 30 days of account opening
  • Transfers In: Accepts cash ISAs
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18

 

United Trust Bank – 7 Year Fixed Rate ISA

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

“This week United Trust Bank has adjusted the rates on its range of fixed ISAs, seeing its seven-year fixed ISA cut by 0.05%. Despite the reduction, the deal still holds the market-leading position overall and may well appeal to savers searching for a competitive rate over the longer-term. The deal earns a Moneyfacts product rating of Excellent in the process.” 

Key product details:

  • Rate: 2.25% gross/2.25% AER, payable on its anniversary
  • Notice/term: Fixed for seven years
  • Minimum opening amount: £15,000
  • Maximum investment amount: ISA allowance
  • Access: Subject to a penalty
  • Further additions: Permitted while the issue remains open
  • Transfers In: Accepts cash ISAs and stocks & shares ISAs
  • Opening account: By post
  • Managing account: In branch or by post
  • Other information: Minimum applicant age 18

Mortgages

Santander – Two-year fixed rate mortgage, 60% 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 rate mortgage by 0.07% this week, improving its overall appeal. Not only does the deal offer the joint-lowest rate in its sector at 1.28%, but it also carries a generous incentive package and has a reasonable product fee. Borrowers hoping to save on the upfront cost of their mortgage and secure a low rate over the next two years will find this deal highly attractive. As a result, the deal earns a Moneyfacts product rating of Outstanding.”  

Key product details:

  • Rate: 1.28% fixed to 2.12.21
  • Product fee: £999, 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, £250 cashback for house purchase customers (remortgage customers can choose either cashback or free legal fees), subject to lending area
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland

 

Principality Building Society – Two-year fixed rate mortgage, 65% loan-to-value

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

“This week, Principality Building Society has reduced the rate on its two-year fixed rate mortgage by 0.07%, improving its position within its sector. Priced at 1.83% for two years, the deal carries a cost-saving incentive package of free valuation for all, free legal fees for those remortgaging, and does not charge a product fee. This combination may well appeal to borrowers looking to secure a competitive rate over the shorter-term. As a result, the deal earns a Moneyfacts product rating of Excellent.” 

Key product details:

  • Rate: 1.83% fixed to 31.10.21
  • Product fee: None
  • Maximum loan-to-value: 65%
  • Available to: All borrower types
  • Incentives: Free valuation, and free legal fees for remortgage customers
  • Flexible features: Allows overpayments
  • Lending area: England and Wales

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

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

“Securing a joint market-leading position is the five-year fixed deal from Barclays Mortgage, thanks to a slight rate cut of 0.02%. The deal includes an attractive incentive package of free valuation for all applicants and free legal fees for those remortgaging and is aimed at borrowers with a 20% deposit/equity. Those borrowers hoping to lock into a competitive rate over the longer-term but who also wish to save on upfront costs, will find this deal enticing. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

 

Key product details:

  • Rate: 1.93% fixed to 21.10.24
  • 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
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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