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Moneyfacts Weekly Product News - 16/08/2018

Moneyfacts Weekly Product News - 16/08/2018

Category: Articles
Author: Rachel Springall
Date: 16/08/2018

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

Bank of Cyprus UK

Bank of Cyprus UK has increased the rate on its one-year fixed rate ISA, which now pays 1.54% on its anniversary. Savers can invest from £500 and can transfer in from both cash and stocks and shares ISAs. Early access is allowed, subject to a 180-day loss of interest penalty. This deal is for savers aged 16 or over and can be operated by post, by phone, in branch or online, but must be opened online or by phone.

Savers who have not yet taken advantage of their ISA allowance for the year will be pleased by the rate rise from Bank of Cyprus UK. Now paying 1.54%, this deal sits towards the top of the market in its sector and unsurprisingly secures a space in the Moneyfacts.co.uk Best Buys. Unlike some fixed ISAs, customers can access their money, subject to an interest penalty, if they require their money early.

Axis Bank UK Ltd

Axis Bank UK Ltd has increased the rate on its two-year fixed rate bond, which now pays 2.24% on its anniversary. Savers can invest from £1,000 up to a maximum of £200,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 or over and can be operated by post or in branch, but must be opened online or in branch.

This latest rate rise from Axis Bank UK Ltd reaffirms its position in the Moneyfacts.co.uk Best Buy charts, now paying 2.24%, meaning it sits just shy of the market leaders. Those savers who want a simple short-term fixed bond and can apply online or head to a branch are likely to see this as an attractive choice.


Mortgages

M&S Bank

M&S Bank has launched some brand new first-time buyer mortgages today. Having introduced three new deals – a two and five-year fixed rate mortgage and two-year tracker mortgage – it's the tracker mortgage that stands out most. Priced at 3.64%, this two-year tracker deal is for first-time buyers who wish to borrow at 95% loan-to-value. No product fee is payable and an incentive package of free valuation and £1,000 cashback is included. This deal allows overpayments. M&S Bank will also donate £25 to the homeless charity Shelter for every new mortgage taken out.

The new tracker mortgage for first-time buyers from M&S Bank becomes the lowest rate in its sector and secures an Excellent Moneyfacts rating as a result. Borrowers looking for a cost-saving package will be delighted by the incentives on offer of a free valuation and £1,000 cashback, plus no product fee to pay. With the additional gesture of a £25 donation to homeless charity Shelter for every new mortgage customer, this product is likely to appeal to many buyers.

M&S Bank's lending area includes Scotland.

West Brom Building Society

West Brom Building Society has reviewed its range of fixed rate mortgages and as a result its three-year fixed deal is now priced at 3.69% to 30.9.21. This product is for first and second-time buyers who wish to borrow from £40,000 at 95% loan-to-value. No fee is payable and an incentive package of free valuation and £500 cashback is included. This deal allows overpayments.

First and second-time buyers who have a limited deposit or equity of just 5% will be enticed by this latest deal from West Brom Building Society. The three-year fixed rate mortgage has a great incentive package of free valuation and £500 cashback and doesn't charge a product fee, making it a great choice for those looking to keep initial costs down.

West Brom Building Society's lending does not include 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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