Moneyfacts Weekly Product News – 23.01.2020 | moneyfacts.co.uk
MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Rachel Springall

Rachel Springall

Finance Expert & Press Officer
Published: 23/01/2020

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

Masthaven Bank – 30 Month Flexible Term Saver

Masthaven Bank has reduced rates on a selection of fixed rate savings accounts this week, which includes its 30 Month Flexible Term Saver, which has been cut by 0.05%. Despite the cut, it remains a competitive choice for savers. Now paying 1.78% gross on its anniversary, the account may entice savers looking for a decent fixed return. The account does not allow earlier access, however it does permit further additions within the first seven days of account opening. A monthly interest option is also available, which pays 1.76% gross. The deal earns an Excellent Moneyfacts product rating in the process.

Key product details:
• Rate: 1.78% gross/1.78% AER fixed, payable on its anniversary, monthly option of 1.76% gross/1.77% AER fixed available
• Notice / term: 30 months
• Minimum opening amount: £500
• Maximum investment amount: £250,000
• Access: Not permitted
• Further additions: Within seven days from account opening
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18.

Hampshire Trust Bank – One-year fixed rate ISA

This week Hampshire Trust Bank has increased rates on selected fixed ISAs, with its one-year fixed ISA experiencing a rise of 0.06%. Now paying 1.41% gross on its anniversary, the deal propels itself to the top of its sector and may suit those looking to lock into a deal over the short-term and utilise their ISA allowance. Savers must make sure they are comfortable with their initial investment, as although earlier access is permitted, it is subject to an interest penalty. This account earns an Excellent Moneyfacts product rating.

Key product details:
• Rate: 1.41% gross / 1.41% AER, payable on its anniversary
• Notice / term: Fixed for one year
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Permitted subject to a 90 day loss of interest penalty
• Further additions: Within 14 days of account opening
• Transfers in: Accepts cash and stocks and shares ISAs
• Opening account: Online and by post
• Managing account: Online, by phone and by post
• Other information: Minimum applicant age 18.

Mortgages

TSB – Five-year fixed rate mortgage, 85% loan-to-value

TSB has made cuts to a selection of fixed rates in its range, with its five-year fixed deal reducing by a notable 0.10%. Now priced at 1.84% to 31.5.25, the deal charges a reasonable product fee of £995. House purchase customers are offered a free valuation as an incentive, while remortgage customers will also benefit from free legal fees as well. The deal therefore earns an Outstanding Moneyfacts product rating.

Key product details:
• Rate: 1.84% fixed to 31.5.25
• Product fee: £995
• Maximum loan-to-value: 85%
• Available to: All borrower types
• Incentives: House purchase customers offered a free valuation, free valuation and free legal fees available to remortgage customers
• Flexible features: Allows overpayments and payment holidays
• Lending area: Great Britain.


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

This week sees Santander make various increases to selected fixed rates in its range, with its two-year fixed deal at 75% loan-to-value going up by 0.05%, and now priced at 1.89%. While there are lower rates available elsewhere in the market for this sector, this particular deal carries a decent incentive package and does not charge a product fee, so may well attract borrowers looking to save on the upfront cost of their deal. House purchase customers are offered a free valuation and remortgage customers will benefit from a free valuation and either free legal fees or £250 cashback incentive. The deal earns a Competitive Moneyfacts product rating.

Key product details:
• Rate: 1.89% fixed to 2.5.22
• Product fee: None
• Maximum loan-to-value: 75%
• Available to: All borrower types
• Incentives: House purchase customers offered a free valuation, free valuation and a choice of either free legal fees or £250 cashback to remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain and Northern Ireland.

Loans

Admiral – Personal Loan

The latest update from Admiral sees increases on selected rate tiers, with its £7,500 to £15,000 tier increased by 0.2%. Despite the increase, this loan overall remains an attractive option, charging 3.3% APR for terms of one to five years on the tier of £7,500 to £15,000. It is also worth noting that borrowers can choose to make overpayments without incurring an early repayment charge. As a result, the loan earns an Excellent Moneyfacts product rating.

Key product details:
• Representative APR: 3.3%
• Loan period: Rate shown is based on a term of 60 months
• Application available: Online or by phone
• Other information: Available to new and existing customers, minimum age 18, overpayments allowed without an early repayment charge.

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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