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Moneyfacts Weekly Product News - 12/04/2018

Moneyfacts Weekly Product News - 12/04/2018

Category: Articles
Date: 12/04/2018

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

Shawbrook Bank

Shawbrook Bank has increased the rate on its five-year fixed rate ISA, which now pays 2.30% upon its anniversary, or 2.28% monthly. Savers must invest from £5,000. Additions are permitted while the issue remains open and early access is allowed, subject to 360 days' loss of interest. Transfers in from other cash ISAs and stocks & shares ISAs are permitted. This deal is for savers aged 18 and over, and can be operated by telephone or online.

Shawbrook Bank's increase to its five-year fixed rate ISA sees the 2.30% deal become the highest-paying ISA currently on the market and heads straight into the moneyfacts.co.uk Best Buys as a result. This should be a popular option for investors looking to take early advantage of the new tax-year.


Zenith Bank

Zenith Bank has increased the rate on its three-year fixed rate bond, which now pays 2.22% upon its anniversary. Savers must invest from £1,000 up to a maximum of £2 million. Additions and early access to funds are not permitted. This deal is for savers aged 18 and over and must be operated online.

The 2.22% three-year fixed rate from Zenith Bank is highly competitive and enters the moneyfacts.co.uk Best Buys. This will be an attractive option for savers looking for a straightforward fixed account, however, with no early access to funds savers must be happy with their initial deposit.


Mortgages

Yorkshire Bank

Yorkshire Bank has launched a new two-year discounted variable rate mortgage, priced at 0.99% (3.96% discount) to 30.6.20. This deal is for all applicants who wish to borrow between £80,000 and £400,000 at 60% loan-to-value. A fee of £1,499 is payable, all of which can be added to the advance of the mortgage. An incentive package for remortgage customers of a free valuation and free legal fees is available. This deal also allows overpayments.

The 0.99% two-year discounted variable rate from Yorkshire Bank enters the market as the lowest deal in its sector. With such a low rate, this is likely to be an attractive option for anyone with the required deposit, who is looking to minimise their monthly repayments. However, borrowers considering this option will need to keep in mind that this deal is not a fixed rate and that their monthly repayments could rise; on the basis that interest rates could fluctuate in the future.

Yorkshire Bank's lending area includes Scotland.

NetWest

NatWest has reviewed the rate on its two-year fixed rate mortgage, which is now priced at 3.69% to 31.7.20. This deal is for first and second-time buyers who wish to borrow between £25,000 and £570,000 at 95% loan-to-value. No fee is payable. This deal also allows overpayments up to a maximum of 10% of the outstanding balance.

Borrowers with a small deposit, looking to borrow with a high-street lender, will be intrigued by this latest offer from NatWest. Priced at 3.69%, this deal sits towards the top of the market with no fee payable, meaning that cash-strapped borrowers will be able to minimise their upfront costs.

NatWest'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.

 

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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