Derin Clark

Derin Clark

Online Reporter
Published: 24/10/2019

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.

Savings

Yorkshire Building Society – 1 Year Limited Saver ISA (Issue 2)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “Savers looking for a competitive ISA this week will find this new issue appealing. Paying a rate of 1.35%, 0.05% less than its predecessor, this ISA permits one withdrawal per account year but accepts further additions and transfers in. The deal sits towards the top of the rate tables in its sector and may entice those looking to save with a well-known brand, who do not plan to make more than one withdrawal in the year. As a result, this account earns an Excellent Moneyfacts product rating.”

Principality Building Society – Online Saver (Issue 3)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “This week, Principality Building Society has dropped the bonus rate on its Online Saver by 0.10%. Despite the cut, the deal retains a prominent position in the market by paying 1.28% and may entice savers who have as little as £1 to invest and desire instant access. As a bonus rate of 0.10% 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: 1.28% gross/1.28% 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 0.10% for 12 months

Key product details:

  • Rate: 1.35% gross/1.35% AER, payable on its anniversary
  • Notice / term: No notice
  • Minimum opening amount: £100
  • Maximum investment amount: ISA allowance
  • Access: One withdrawal per account year without penalty
  • Further additions: Permitted while issue remains open
  • Transfers in: Accepts cash and stocks and shares ISAs
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16, new money only, available from 25th October

Mortgages

Santander – Five-year fixed rate 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 five-year fixed rate mortgage by 0.10% this week, improving its overall appeal. Not only does the deal offer a competitive rate of 1.59%, 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 five years will find this deal highly attractive. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:

  • Rate: 1.59% fixed to 2.2.25
  • Product fee: £999, all of which can be added to the mortgage advance
  • Maximum loan-to-value: 75%
  • 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

Coventry Building Society – Five-year fixed rate mortgage, 85% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “This week, Coventry Building Society has reduced the rate on its five-year fixed rate mortgage by 0.06%, improving its market position as a result. Now priced at 1.89% for five years, the deal carries a cost-saving incentive package of free valuation for all and free legal fees for those remortgaging. This combination may well appeal to borrowers looking to secure a competitive rate over the longer-term. As a result the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:

  • Rate: 1.89% fixed to 31.12.24
  • Product fee: £999, all of which can be added to the mortgage advance
  • Maximum loan-to-value: 85%
  • Available to: All borrower types
  • Incentives: Free valuation for all and free legal fees for remortgage customers
  • Flexible features: Allows overpayments
  • Lending area: Great Britain

Nottingham Building Society – Five-year fixed rate mortgage, 90% loan-to-value (via selected intermediaries)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: “Borrowers with as little as a 10% deposit, who are searching for a cost-saving incentive package, will be delighted by this rate cut of 0.10% from Nottingham Building Society. Those comparing deals through a selected intermediary will find this package includes an incentive of free valuation for all borrowers and free legal fees for remortgage customers, plus £800 of its upfront product fee can be added to the mortgage advance. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:

  • Rate: 2.20% fixed to 1.2.25
  • Product fee: £999, of which £800 can be added to the mortgage advance
  • Maximum loan-to-value: 90%
  • Available to: All borrower types
  • Incentives: Free valuation for all and free legal fees for remortgage customers
  • Flexible features: Allows overpayments
  • Lending area: England and Wales, deal is available via selected intermediaries
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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