Moneyfacts Weekly Product News - 28/09/2017 | moneyfacts.co.uk

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Moneyfacts Weekly Product News - 28/09/2017

Moneyfacts Weekly Product News - 28/09/2017

Category: Articles
Date: 28/09/2017

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

Metro Bank

Metro Bank has increased the rate on its 18-month fixed rate bond, which now pays 2.00% upon its anniversary or 1.98% monthly. Savers must invest from £500 up to a maximum of £2 million. Additions and early access to funds are not permitted. This deal is for savers aged 16 and over and can be operated in branch, online and by phone. Note that savers must be 18 or over to open the account online.

The improvement to the 18-month fixed bond has pushed the deal towards the top-end of the market, which sees it hit the moneyfacts.co.uk Best Buys and earn an Excellent product rating. Those savers looking for a guaranteed short-term rate with a familiar brand are likely to find this bond attractive.


Hodge Bank

Hodge Bank has increased the rate on its five-year fixed rate cash ISA, which now pays 1.70% yearly or 1.69% monthly. Savers can invest from £1,000. Additions are not permitted and earlier access is available only on closure of the account and a 365-day loss of interest. Transfers in from cash ISAs and stocks & shares ISAs are allowed. This deal is for savers aged 16 and over and can be operated by post or phone.

The rate rise to the five-year fixed cash ISA enhances the deal so much so that it now sits towards the top of the market in its sector. Those looking for a long-term fixed ISA will find the deal highly deserving of its place in the moneyfacts.co.uk Best Buys and Excellent product rating.


Mortgages

Santander

Santander has launched a new two-year fixed rate mortgage, priced at 1.74% to 2.1.20. This deal is for all who wish to borrow up to £550,000 at 85% loan-to-value. No product fee is payable. An incentive package of free valuation, free legal fees and £250 cashback is available for house purchases, while the incentives for remortgage customers can vary depending on the lending area. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers looking for a cost-effective mortgage bundle will be delighted by this latest launch from Santander. Not only does the deal come with no product fee, but it also carries a competitive incentive package. Those looking for a fixed rate mortgage over the short-term with a high street brand may find this particularly appealing.

Santander's lending area includes Scotland.

Leeds Building Society

Leeds Building Society has reviewed its range and now offers a two-year fixed rate mortgage, priced at 1.55% to 31.1.20. This deal is for all borrowers who wish to borrow up to £500,000 at 65% loan-to-value. A fee of £999 is payable, all of which can be added to the mortgage advance. An incentive package of free valuation is available. This deal allows overpayments of up to 10% of the outstanding balance.

Borrowers with a 35% deposit or equity might find this deal from Leeds Building Society worth considering. While there may well be lower rates in the market, the incentive on offer and product fee may work out as a better alternative based on true cost over the short-term compared to lower rates with higher fees found elsewhere.

Leeds Building Society's lending area includes Scotland.

Loans

Clydesdale Bank

Clydesdale Bank has reduced the rate on its unsecured personal loan tier of £5,000 to £7,499. Customers can now apply for this loan over a term of one to five years at a rate of 3.3% APR. Customers must be 18 or over. Applications can be made in branch, by telephone and online.

The large rate cut by Clydesdale Bank to its £5,000 to £7,999 loan tier makes it considerably more competitive for borrowers looking for a medium loan. That's why the loan heads straight into the moneyfacts.co.uk Best Buys and earns an Outstanding Moneyfacts rating overall, with rates on higher tiers for the loan starting from as low as 2.9%.

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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