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Moneyfacts Weekly Product News - 25/10/2018

Moneyfacts Weekly Product News - 25/10/2018

Category: Articles
Author: Charlotte Nelson
Date: 25/10/2018

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

OakNorth

OakNorth has increased the rate on its two-year fixed rate bond, which now pays 2.27% on maturity. Savers can invest from £1,000 up to a maximum of £250,000. Additions and early access to funds are not permitted. This deal is for savers aged 18 or over and must be operated online.

Paying 2.27%, this two-year bond from OakNorth is highly competitive, climbing into the Moneyfacts.co.uk Best Buys as a result. This attractive rate is likely to be a great option for any saver who is looking for a short-term home for their cash. However, with no early access to funds, savers must ensure they are happy with their initial deposit.

Family Building Society

Family Building Society has launched Premium Saver, an easy access account that pays 1.45% yearly. Savers can invest from £5,000 up to a maximum of £250,000. Unlimited penalty-free withdrawals are allowed, however, savers must note that additions are only permitted until 7.12.18. This deal can be operated in branch, by post and online.

Savers looking for easy access to their funds will be delighted by this latest launch from Family Building Society. Paying 1.45%, this deal heads straight to the top of the Moneyfacts.co.uk Best Buy charts for easy access with no bonus, making it a great choice for any saver looking for quick access to funds. However, with additions only permitted until 7 December 2018, savers will have to ensure they invest all funds before the deadline.


Mortgages

Tesco Bank

Tesco Bank has reduced the rate on its two-year fixed rate mortgage, which is now priced at 3.13% to 31.1.21. This deal 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 is included. This product allows overpayments of up to 20% of the outstanding balance. Successful applicants that are also Tesco Clubcard holders will be able to earn one point for every £4 mortgage repayment.

Borrowers with a small deposit of 5% will be intrigued by this latest reduction from Tesco Bank. Priced at 3.13%, this product enters the Moneyfacts Best Buy charts as a result. With no fee payable and free valuation included, this could be a cost-effective choice for those looking to keep initial costs down.

Tesco Bank's lending area includes Scotland.

first direct

first direct has reduced the rate on its 10-year fixed rate mortgage, which is now priced at 2.44%. This deal is for all applicants who wish to borrow between £10,000 and £1 million at 60% loan-to-value. No fee is payable and an incentive package of free valuation for all borrowers and free legal fees for remortgage customers is included. This product also allows overpayments.

This 10-year mortgage from first direct is highly competitive, sitting just shy of the lowest rate in its sector and, as a result, heads straight into the Moneyfacts.co.uk Best Buy charts. Not only will borrowers be able to benefit from a low rate, but it also comes with a great incentive package and no fee payable, making this an ideal choice for borrowers looking to secure their mortgage repayments for a decade.

first direct'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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