nigel woollsey

Nigel Woollsey

Online Writer
Published: 23/05/2019

Moneyfacts Weekly Product News 23/05/19

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

AA


AA has increased the rate on its two-year ISA (AA ISA – Fixed Rate Issue 14), which now pays 1.80% upon its anniversary. Savers can invest from £500 and can transfer in from both cash and stocks and shares ISAs. Earlier access is only permitted on account closure, which will result in a 180-day loss of interest penalty with funds transferred to a nominated or holding account. This deal can only be opened and operated online.


Savers who have not yet taken advantage of their annual ISA allowance will be pleased by this rate rise from AA. Now paying 1.80%, this online-only deal sits towards the top of the market in its sector and unsurprisingly secures an Excellent product rating in the process. Savers can invest from as little as £500, however they must be aware that early access is only possible upon account closure and is subject to a 180-day interest penalty.

Mortgages

West Brom Building Society


West Brom Building Society has reduced the rate on its three-year fixed rate mortgage, which is now priced at 3.34% to 31.8.22. This deal is for house purchase customers who wish to borrow from £100,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation (up to a maximum of £740) and £1,250 cashback is included. Overpayments are also permitted with this product, up to a maximum of £999 each month.


First and second-time buyers who have a limited deposit/equity of just 5% will be enticed by this latest deal from West Brom Building Society. The three-year fixed mortgage includes a generous incentive package of free valuation (max £740) and £1,250 cashback and doesn’t charge a product fee, making it a great choice for those looking to keep initial costs down. As a result, the deal takes a comfortable place in the Moneyfacts.co.uk comparison chart for first-time buyers and earns an Excellent product rating too.

West Brom Building Society’s lending area does not include Scotland.


Yorkshire Building Society


Yorkshire Building Society has repriced its entire mortgage range as well as also launching new products, with its new two-year fixed rate deal particularly standing out. Priced at 1.78% to 30.9.21, this two-year mortgage is for all borrowers who wish to borrow from £50,000 up to a maximum of £1 million at 85% loan-to-value. A product fee of £495 is payable, however the deal comes with the incentive of free valuation. It also permits underpayments, overpayments and payment holidays.


Priced at 1.78%, this new two-year fixed rate mortgage from Yorkshire Building Society is highly competitive, and with a reasonable fee of £495 and the incentive of free valuation, it’s a cost-effective option for any borrower with a 15% deposit/equity. Not only this, but it allows underpayments, overpayments and payment holidays, offering some welcome payment flexibility, and earns an Outstanding product rating in the process.
Yorkshire Building Society’s lending area includes Scotland.

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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